Most Southeast Asian currencies plunged against the US dollar during Friday's early Asian trading as a slump in most Asian stocks decreased demand for emerging market assets. The currencies of India, Malaysia, South Korea, Taiwan and Thailand dipped to new multi-day lows against the greenback.

While, the currencies of China, Pakistan and Singapore showed strength against the dollar.

Asian stock markets are down in the red today with the overnight weak close on Wall Street on the back of some disappointing home sales data hurting sentiment. With optimism about a quick economic revival slipping a bit, investors appear keen on taking some profits ahead of the weekend. Among markets in the Asia-Pacific region, Shanghai, Hong Kong and Indonesia are down with notable losses. South Korea and Singapore are also trading weak. Taiwan is trading modestly higher. Stock markets across the region had turned in another mixed performance on Thursday

Extending yesterday's downtrend, the Taiwan dollar declined to a 3-day low of 32.4725 against its US counterpart on Friday morning in Asia. On the downside, 32.5 is seen as the next target level for the domestic unit. The pair closed Thursday's New York trading at 32.405.

Pulling back from yesterday's fresh 2009 high, the Malaysian ringgit reached an 8-day low of 3.488 against the US dollar in early Asian trading on Friday. On the downside, support is likely to be seen around the 3.49 level for the ringgit. The dollar-ringgit pair that closed Thursday's New York trading at 3.456 is presently quoted at 3.4805. The South Korean won reached a 2-day low of 1199.1 against the US dollar in early Asian trading on Friday, compared to 1194.4 hit late New York Thursday. On the downside, support is seen around the 1210.0 level for the won.

The Philippine peso, that showed mild weakness against the US dollar during Friday's early Asian trading, regained momentum after a short period of time. The peso thus climbed from 47.5250 to 47.25 by 11:20 pm ET, compared to 47.26 hit late Thursday in New York. The next upside target level for the Philippine currency is seen at 47.06.

A report by the Philippines' National Statistical Office said the total imports dropped 31.6% in July from the previous year compared to the 22.8% fall in the previous month. A year earlier, in July, imports were up 16.7%. Compared to the previous month, imports were down 2%, following the 13.6% rise in July.

Another report by the Philippines National Statistics Office said the volume of production index for the manufacturing sector dropped 15.8% on a yearly basis in July, faster than a 15% fall in the previous month. This was mainly due to decline in production in 18 industries. On a monthly basis, the volume of production grew 1.8%, while the value was up 1.3%.

During early Asian deals on Friday, the Hong Kong dollar declined to 7.7512 against the U.S. currency. This may be compared to Thursday's close of 7.7505. On the downside, 7.7514 is seen as the next target level for the Hong Kong dollar.

The Thai baht dropped to 33.7150 against the U.S. dollar in early Asian trading on Friday. This set a 3-day low for the Thailand currency. The near term support for the Thailand currency is seen around the 33.97 level. At Thursday's close, the dollar-baht pair was quoted at 33.54.

Thailand will provide foreign reserves data for the week ending September 18. Forecasts call for an increase of 131.2 percent on year after the 130.6 percent annual increase in the previous week.

The Chinese yuan bounced back against the US dollar after falling to 6.8310 during Friday's early Asian trading. The yuan is now trading at 6.8285 against the dollar and may likely find resistance near the 6.83 level, if it rises further. The dollar-yuan pair closed yesterday's deals at 6.8278.

People's Bank of China has set today's central parity rate for dollar-yuan pair at 6.8287. The pair is allowed to move 5% above or below the target rate.

The Indian rupee that closed yesterday's deals at 47.9250 against the US dollar slipped to a 9-day low of 48.37 during Friday's early Asian trading. On the downside, the next likely target is seen around the level.

The Pakistan rupee rose against its US counterpart during Friday's early Asian trading. The rupee is now trading at 82.50 against the buck, with 82.15seen as the next immediate resistance level. At Thursday's New York session close, the pair was quoted at 82.71

The Singapore dollar advanced against the dollar during this time period and hit as high as 1.4172. this may be compared to yesterday's close of 1.4188.

Singapore will announce August numbers for industrial production. Analysts are predicting a 5 percent increase on year after the 12.4 percent annual expansion in July. Seasonally adjusted, output is seen lower by 6.4 percent on month after the 23 percent surge in the previous month.

From U.S., the Commerce Department is set to release its durable goods orders report, at 8:30 am ET. Economists look forward to a 1% increase in durable goods orders for August.

The Commerce Department is also due to release its new home sales report for August at 10 am ET. The consensus estimate calls for an increase in new homes sales to 440,000. The Reuters/University of Michigan's final report on the consumer sentiment index for September is scheduled to be released at 9:55 am ET on the same day. Consumer confidence is expected to edge up in the month, with economists forecasting an increase in the index to 70.5 from the mid-month reading of 70.2 and the July's reading of 65.7.

Federal Reserve Board Governor Kevin Warsh is due to deliver the keynote address to the Chicago Federal Reserve Bank's International Banking Conference in Chicago at 1:15 pm ET.

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