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The Philippine peso and South Korean won led the Asian currency rally on Wednesday as investors gradually resumed buying of risky assets, with concerns easing over Dubai's debt problems that dimmed dollar's safe-haven allure and boosted the yen and gold.
But the yen fell 0.28 percent against a defensive dollar to 86.97, far below its 14-year high of 84.82 last week, as investors weighed steps taken by Bank of Japan on Tuesday to attack deflationary pressures that left many disappointed. The dollar index fell to 74.41 from 74.46 late on Tuesday but well above its recent 15-month low of 74.14.
PESO The Philippine peso rallied 0.75 percent to a two-week high of 46.50 per dollar from a Tuesday close of 46.86, despite intervention by the central bank early in the day to curb gains.
Dealers said the broad dollar weakness and inflows of remittances sent by Filipino workers abroad lifted the peso. They believed the central bank is pursuing a policy of trying to keep peso in a broad 46.00-49.00 range. The central bank has been suspected of reacting to recent peso rallies by trying to restrain the currency at 46.45 and 46.25. Peso has gained about 2.17 percent so far this year.
WON The South Korean won extended gains, tracking stocks and a revival in appetite for won assets. Although investors grew more cautious over possible dollar-buying intervention by the foreign exchange authorities. Some suspected the authorities of absorbing dollars to cap the gains. The currency was quoted at 1,153.8 per dollar, compared with its domestic close of 1,161.1 on Tuesday.
BAHT The Thai baht was among Asian currencies firming against the dollar, rising to a one-week high of 33.15 from 33.18 late on Tuesday. Dealers did not detect any Bank of Thailand intervention but said the thin volume would have made it easy for the central bank to push baht back to 33.20 if it wanted to. Thailand is celebrating King Bhumibol Adulyadej's 82nd birthday over the next two weeks. Monday is a public holiday.

Copyright Reuters, 2009

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