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The Hong Kong dollar edged lower against the US dollar on Friday in volatile trade, while most interbank rates rebounded in the afternoon. The domestic currency was trading at 7.8095/98 to the US dollar, having touched a low of 7.8155, down from 7.8092/96 in late Asian trade on Thursday.
"The Hong Kong dollar traded lower in the morning session as a softening in interbank rates encouraged players to conduct arbitrage activities," said a dealer at a European bank. "But the market reversed course when the interbank rates rebounded in the afternoon."
The local currency is pegged at 7.80 to the US dollar but can trade between 7.75 and 7.85. The one-month interbank rate rose to 4.52/4.57 percent late in the day versus 4.43/4.48 percent in late morning and Thursday's close of 4.53/4.58 percent. The three-month rate edged up to 4.64/4.69 percent from 4.59/4.64 percent late on Thursday. "Early in the afternoon, some houses bid up the Hong Kong dollar forwards," said a dealer at a Japanese bank.

Copyright Reuters, 2007

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