EM ASIA-Won, Taiwan dlr hit 8-mth peaks; Asia FX rise on week

Reuters

(Updates prices. For earlier report, double click on

)

SINGAPORE, Oct 4 (Reuters) - The South Korean won and Taiwan

dollar touched eight-month highs on Friday and most Asian

currencies were on track for weekly gains as the U.S. dollar was

pulled down by the budget impasse in Washington.

Other emerging Asian currencies were also mostly firmer on

the day, with the Malaysian ringgit getting a boost

from data showing a larger-than-expected trade surplus in

August.

The South Korean won touched a high of 1,070.2,

its strongest level since late January, prompting suspected

dollar-buying intervention by South Korean authorities to stem

the won's rise, currency dealers said.

Dealers estimated that South Korean authorities bought

somewhere between $500 million to $1 billion on Friday to slow

the won's rise.

Initial estimates earlier in the day had placed the

intervention amount at $300 million to $400 million.

The Taiwan dollar also rose to an eight-month high of around

29.290, with dealers citing inflows of foreign money

into the Taiwan dollar.

Taiwanese authorities were also spotted in the market as

their currency rose, with dealers saying Taiwan's central bank

bought the U.S. dollar at around 29.300.

At their current levels, most Asian currencies were on track

for weekly gains, with the U.S. government's partial shutdown

having triggered broad dollar-selling.

Speculation that the shutdown could become protracted and

lessen the chances of the Federal Reserve tapering its

bond-buying stimulus in the near term has helped support Asian

currencies versus the dollar in recent sessions.

The Indian rupee rose about 2 percent to lead the

weekly gains, followed by the Malaysian ringgit, which

climbed 1.5 percent.

CURRENCIES VS U.S. DOLLAR

*Chinese markets are closed from Oct. 1 through Oct. 7 for

the National Day holiday.

Change on the day at 0811 GMT

Currency Latest bid Previous day Pct Move

Japan yen 97.10 97.27 +0.17

Sing dlr 1.2464 1.2493 +0.23

Taiwan dlr 29.470 29.532 +0.21

Korean won 1069.97 1074.00 +0.38

Baht 31.29 31.26 -0.10

Peso 43.07 43.08 +0.02

Rupiah 11522.00 11525.00 +0.03

Rupee 61.26 61.74 +0.78

Ringgit 3.1775 3.1955 +0.57

Yuan 6.1220 6.1220 +0.00

Change so far in 2013

Currency Latest bid End prev year Pct Move

Japan yen 97.10 86.79 -10.62

Sing dlr 1.2464 1.2219 -1.97

Taiwan dlr 29.470 29.136 -1.13

Korean won 1069.97 1070.60 +0.06

Baht 31.29 30.61 -2.17

Peso 43.07 41.05 -4.69

Rupiah 11522.00 9630.00 -16.42

Rupee 61.26 54.99 -10.24

Ringgit 3.1775 3.0580 -3.76

Yuan 6.1220 6.2303 +1.77

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(Reporting by Masayuki Kitano in Singapore, Se Young Lee in

SEOUL and Emily Chan in TAIPEI; Editing by Kim Coghill)

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