Sun, Sep 09, 2007 - Page 10 News List

Won continues gains on S Korea's robust expansion

BLOOMBERG AND CNA , TAIPEI

The South Korean won rose for a third week on signs the economy can withstand a housing recession in the US, the nation's second-biggest buyer of its exports.

The Bank of Korea left its interest rate at a six-year high of 5 percent on Friday, adding in a statement that the "economy is continuing its robust expansion."

The won strengthened 0.03 percent in the week to 938.00 per US dollar, Seoul Money Brokerage Services Ltd said.

In Taipei the New Taiwan dollar shed NT$0.009 to close at NT$33.050 against the US currency. A total of US$529 million changed hands during the day's trading.

Indonesia's rupiah strengthened this week as the key stock index rallied, suggesting foreign investors will increase holdings of the nation's assets.

Indonesia's Jakarta Composite Index advanced as global funds were net buyers of shares in five of the last six days, according to the stock exchange.

The rupiah added 0.02 percent to 9,398 against the US dollar from last week's close of 9,400. Yoshikoshi said the rupiah could trade around 9,600 by year-end.

Elsewhere, the Singapore dollar gained 0.1 percent to S$1.5256 and Vietnam's dong was at 16,241 from 16,236 a week ago.

The Thai baht was little changed at 34.27 onshore, while the Philippine peso rose to 46.525, up 0.04 percent on the week.

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