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The Hong Kong dollar edged higher against the US dollar on Tuesday amid corporate demand for funds, but some dealers said the upside could be capped by a volatile stock market. The local currency was trading at 7.8005/08 per US dollar at 0333 GMT, up 0.04 percent from late Monday trade in Asia. One dealer said there was some commercial demand for the local currency, and that there had been some US dollar selling since late Monday afternoon.
The Hong Kong currency is pegged at 7.8 to the US dollar but can trade between 7.75 and 7.85. Local interbank interest rates were steady to a touch softer from the previous session. The volatile overnight rate was hovering around 1.50 percent, while the one-month rate eased slightly to 1.81/1.86 percent from 1.80/1.88 percent late on Monday. The benchmark three-month rate held steady at 2.25/2.30 percent. Hong Kong dollar forwards were trapped in a narrow range with little direction, a dealer said.

Copyright Reuters, 2008

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