Asian currencies strengthened against the dollar in the past week, amid continued concern over inflation and weak forecasts for the United States economy.
JAPANESE YEN: The Japanese yen firmed in the past week against the dollar as US Federal Reserve policy makers voiced continued concern about inflation in the United States, dealers said.
The yen stood at 119.91 to the dollar Friday afternoon, rising from 120.29 a week earlier. Fed policymakers on Wednesday kept the central bank's interest rate on hold at 5.25 percent, warning that "core inflation remains somewhat elevated," and that "economic growth slowed in the first part of the year."
Their comment "pushed up the dollar but once it passed above 120 yen there was selling pressure," said Masaki Fukui, senior market economist at Mizuho Corporate Bank.
"A weak dollar is our consensus for now as US economic indicators were more or less showing negative signs," said Yosuke Hosokawa, head of the forex group of Chuo Mitsui Trust Bank.
AUSTRALIAN DOLLAR: The Australian dollar ended the week at 82.96 US cents, almost a cent up on the previous week's 82.01 US cents.
The currency is expected to gain against the greenback next week following weak US retail figures and expectations that US interest rates will fall, dealers said.
AMP Capital Investors chief economist Shane Oliver said the Australian was bouncing back from recent losses. "It has more upside ahead of it, probably to the February 1989 high of 89.5 US cents," he said. "The interest rate differential versus the US is set to widen with the US edging towards a rate cut and the risks are still skewed to the upside for Australian interest rates."
NEWZEALAND DOLLAR: The New Zealand dollar ended the week at 72.93 US cents, down from 73.46 US cents the previous Friday.
CHINESE YUAN: The yuan closed at 7.6775 to the dollar Friday on the exchange-traded market, compared with 7.7027 the week before.
On the over-the-counter market, it ended at 7.6766 to the dollar against 7.6936 the previous day.
The central bank had set the yuan central parity rate at 7.6835 to the dollar Friday, compared with 7.6965 on Thursday.
The People's Bank of China allows a trading band of 0.3 percent on either side of the midpoint.
HONG KONG DOLLAR: The US-pegged Hong Kong dollar ended the week at 7.821, the same as a week earlier.
INDONESIAN RUPIAH: The Indonesian rupiah closed the week stronger at 8,855/8,865 to the dollar against 8,970/8,975, a week earlier.
PHILIPPINE PESO: The Philippine peso was 47.33 to the dollar Friday afternoon compared with 47.460 on May 4.
SINGAPORE DOLLAR: The dollar was at 1.5189 Singapore dollars Friday from 1.5226 the week before.
SOUTH KOREAN WON: The won closed at 926.80 won per dollar Friday, compared with 927.60 won a week earlier.
Dealers said the won was expected to move within a limited box of between 925 won and 930 won in the coming week.
The South Korean currency's recent rise against the dollar is driven by "psychological factors" and the government will take action if necessary, said Hur Kyung-Wook, director general at the finance ministry.
International organisations such as the Organisation for Economic Co-operation and Development (OECD) also believe the won's rise has been too steep, he added.
TAIWAN DOLLAR: The Taiwan dollar weakened to close the week at 33.300 against the US dollar, compared to 33.280 a week earlier.
THAI BAHT: The Thai baht continued to rise against the dollar over the past holiday-shortened week due to capital inflows amid moderate trading, dealers said.
The Thai unit closed Friday at 34.54-56 baht to one dollar, still at a nine-year high, compared to the previous week's close at 34.75-77.