The Hong Kong dollar was trapped in a narrow range against the US dollar on Thursday, but sentiment was dampened by a plunge in the domestic stock market. Some dealers expected the spot rate to keep in a tight range of 7.7500-7.7510 amid a volatile stock market and a steady spate of ongoing IPOs.
Four listing candidates - Wynn Macau, Yingde Gases Group, Ausnutria Diary, and China Vanadium Titano-Magnetite Mining - opened their order books to retail investors on Thursday. The Hong Kong dollar is pegged at 7.80 to the US dollar but can trade between 7.75 and 7.85. Local interbank rates traded narrowly mixed. The overnight rate stayed at near zero because of abundant liquidity in the banking system.