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The Hong Kong dollar recouped the previous day's losses on Thursday, while interbank rates edged higher on IPO-related fund demand and in anticipation of an interest rate rise next week.
"There was strong demand for the Hong Kong dollar, prompting some players to unwind long US dollar positions," said a dealer from a European bank. The local currency was trading at 7.7593/94 to the US dollar, recovering from the previous day's close of 7.7602/04.
A decline in the local stock market on Wednesday on concern about rising US interest rates and the US currency's strength that day had pushed the Hong Kong dollar down to 7.7607, its lowest point since March 13.
Hong Kong's benchmark Hang Seng index rose 0.82 percent on Thursday after falling 1.76 percent the previous day. Hong Kong's currency is pegged to the US dollar and is allowed to trade between 7.75 and 7.85 per US unit.
Local interbank rates rose across the board, with the one- and two-week rates spiked higher on demand for funds for the ongoing share offerings in the territory.
Hunan Non-ferrous Metals Holding Group Co Ltd, China's top minor metals producer, opened its order book to retail investors on Tuesday with a deadline for subscription at noon on Friday. It aims to raise up to HK$1.78 billion (US $227 million) in a Hong Kong IPO with a planned listing on March 31.
Co-Prosperity Holdings Ltd, a fabrics processing service provider, plans to raise up to HK$232 million with a trading debut set for March 30. The one- and two-week interbank rates were quoted at 4.23/4.25 percent in late afternoon trade, climbing from Wednesday's close at 3.95/4.00 percent and 4.10/4.15 percent respectively.
Other interbank rates edged higher on expectations of an interest rate rise at home and in the United States later this month, dealers said.
The US Federal Reserve is widely expected to raise its key rate to 4.75 percent from 4.50 percent at its policy meeting on March 28.

Copyright Reuters, 2006

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