Most currencies gained slightly on the greenback as fears over the global economy continued but the yen lost ground after reaching a two-and-a-half-year high.
JAPANESE YEN: The yen eased back from a 32-month high against the US dollar in Tokyo as the world's stock markets recovered from volatility after the United States pressed forward a stimulus plan aimed at heading off recession.
The Japanese currency stood at 107.63-65 to the dollar late Friday, compared with 107.22-25 to the dollar a week earlier. It gradually slipped back from the week's high of 105.62 to the dollar on Tuesday, the yen's highest level since May 2005.
The US Federal Reserve's emergency interest rate cut of 0.75 percent on Tuesday helped soothe investors' growing concerns about a US recession, sending the yen back to the week's low of 107.38 to the dollar the next day. Then the US Congress on Thursday pressed forward a quickly crafted stimulus plan of some 150 billion dollars.
"Investors still cannot be perfectly convinced that stock prices won't tumble further, but the direction of the market was fixed after the US Fed and government made their positions clear," Hachijuni Bank forex dealer Yuya Koike said on Friday. The market will also watch how much US President George W. Bush will detail his economic measures when he delivers his State of the Union speech on Monday, the business daily Nikkei said on its Internet edition on Friday.
CHINESE YUAN: The yuan closed at 7.2087 to the dollar Friday on the exchange-traded market, compared with Thursday's close of 7.2248, and its 7.2636 to the dollar the previous Friday. On the over-the-counter market, it ended at 7.2102 to the dollar against 7.2288 the previous day.
The central bank had set the yuan central parity rate at 7.2065 to the dollar Friday, compared with 7.2293 on Thursday.
The People's Bank of China allows a trading band of 0.5 percent on either side of the midpoint.
AUSTRALIAN DOLLAR: The Aussie is expected to rise this week and could break through 89 US cents as rescue measures for the US economy and rebounding commodity prices fuel an appetite for risk among investors, dealers said.
The currency ended the week at 88.40 US cents, up 0.76 cents from 87.64 US cents a week earlier, after a rocky week that saw its fortunes see-saw along with those of the stock market.
The Australian dollar gained a full cent in local trade on Friday amid optimism about the US stimulus package and emergency interest rate cut by the US Federal Reserve.
As long as there is no more bad news, it should continue to gain this week and could break the 89 cent barrier, analysts said.
HONG KONG DOLLAR: The Hong Kong dollar finished the week at 7.807 US dollars, compared to 7.806 the week before.
INDONESIAN RUPIAH: The rupiah ended the week at 9,330/9,335 rupiah to the dollar, compared with 9,440/9,445 a week earlier.
NEW ZEALAND DOLLAR: The New Zealand dollar ended local trading at 77.14 US cents, up from 76.20 the previous Friday.
The kiwi hit a low of 73.90 US cents early in the week amid a flight from high-yield currencies as global share markets dived, dealers said.
A recovery came with the US Federal Reserve's decision to cut the official interest rate by 0.75 percentage points on Tuesday. It was underscored by the resulting pick-up in global equities, which saw some recovery in carry trades, in which investors borrow low interest rate currencies such as the yen to buy high yield into the dollar currencies including the kiwi.
PHILIPPINE PESO: The peso strengthened to 40.80 to the dollar on Friday afternoon from 40.87 to the dollar on January 18.
SINGAPORE DOLLAR: The dollar was at 1.4224 Singapore dollars on Friday from 1.4371 the previous week.
SOUTH KOREAN WON: The won closed at 946.50 to the dollar Friday, compared with 942.8 the previous week.
After weakening to 954 Tuesday on lingering concerns about a US economic slowdown, the currency regained strength thanks partly to the stock market rebound. Dealers said the won would slightly strengthen next week against the greenback if the stock market rises further.
TAIWAN DOLLAR: The Taiwan dollar rose 0.05 percent in the week to January 25 to close at 32.300 against the US dollar. The local currency closed at 32.315 a week earlier.
THAI BAHT: The Thai baht moved little against the dollar over the past week but remained at 10-year highs as investors continued to sell the greenback amid growing fears over a recession in the United States, dealers said. The baht closed on Friday at 33.06-08 to the dollar, against 33.04-05 a week earlier.
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