The US dollar rose from a 13-year low against the yen on speculation the Bush administration would use funds intended for financial institutions to rescue General Motors Corp and Chrysler LLC.
The yen pared its gain against major currencies on speculation investors will sell higher-yielding assets and pay back low-cost loans in Japan’s currency at a slower pace. The British pound weakened to a record low against the euro for a fifth day after HBOS Plc said bad loans will keep rising as credit conditions deteriorate.
The dollar traded at ¥91.07 in New York, compared with ¥91.45 the previous day, after dropping as much as 3.2 percent to ¥88.53, the lowest level since August 1995. The euro fell 0.2 percent to ¥121.82 from 122.09. The currency was quoted at US$1.3377, compared with US$1.3352.
Meanwhile, Asian currencies climbed this week, led by the South Korean won and the Indonesian rupiah, on optimism that interest-rate cuts and economic stimulus plans would revive demand for emerging-market assets.
All of the 10 most-active regional currencies strengthened this week as the Dollar Index slumped the most in at least a decade. The Malaysian ringgit touched a one-month high and the Philippine peso reached the strongest since Oct. 15.
South Korea, Japan and China said they enhanced their currency swap arrangements to ensure stability in the foreign-exchange market.
The won rose as much as 10 percent, the most since October, before paring gains to 7.5 percent to 1,372.50 per dollar, Seoul Money Brokerage Services Ltd said.
The yuan strengthened 0.56 percent last week to 6.8427 a dollar in Shanghai from 6.8812 at the end of last week, according to the China Foreign Exchange Trade System.
Thailand’s baht capped its best week in more than a year as the biggest cut in interest rates on record spurred optimism the economy will weather the global slump.
Malaysia’s ringgit headed for its biggest weekly gain since the end of a dollar peg in 2005, rising 1.5 percent this week to 3.5825.
The New Taiwan dollar advanced 0.7 percent to NT$33.315 against the US currency. The Philippine peso climbed 2 percent to 48.105.
Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s biggest contract chipmaker, yesterday held an equipment installation ceremony for its first 2-nanometer fab in Kaohsiung, six months ahead of schedule, Kaohsiung Mayor Chen Chi-mai (陳其邁) said. “To cope with the strong global demand for advanced chips, TSMC is to start moving in equipment for its first-ever 2-nanometer fab half a year earlier than scheduled,” Chen said at an question-and-answer session at the Kaohsiung City Council. TSMC’s 2-nanometer process technology would help accelerate the development of artificial intelligence (AI) applications as well as the transformation of local industries in Kaohsiung, Chen said in a
TEAM TAIWAN: While lawmakers proposed declaring Nov. 24 a national day, the CPBL commissioner urged the legislature to pass the budget for sports development Lawmakers yesterday proposed designating Nov. 24 as National Baseball Day and updating the design of the NT$500 bill to honor the national team’s victory in the World Baseball Softball Confederation’s Premier12 championship on Sunday, as thousands of fans came out to see the players parade down the streets of Taipei. Players, coaches and staff from the national team returned home on Monday night after achieving their best-ever performance in an international baseball tournament. After receiving a rapturous welcome at the airport, the players turned out yesterday for a street parade in front of thousands of adoring fans waving Taiwanese flags and
TAKING OFF: In addition to NT$7 million each from the Sports Administration, Starlux said it would offer players and coaches round-trip business-class tickets Taiwanese fighter jets yesterday welcomed home a flight carrying the national baseball team after their historic victory in Japan at the World Baseball Softball Confederation’s (WBSC) Premier12. Taiwan’s 4-0 win over defending champions Japan in the prestigious Premier12 final at the Tokyo Dome on Sunday night sparked celebrations across Taiwan, with President William Lai (賴清德) lauding the team’s achievement. “Thank you for bringing glory to the country and Taiwan to the world stage,” Lai told team members by mobile phone in a video posted on his Instagram. “This also lets the international community know that Taiwan does not only have semiconductors — we
Taiwan moved clear of Mexico to be the only country at No. 2 in the World Baseball Softball Confederation (WBSC) Men’s Baseball World Rankings. Meanwhile, draft bills to set up a ministry of sports were approved at a joint session at the legislature in Taipei yesterday. After previously being tied with Mexico for second on 4,118 points, Taiwan moved clear on 5,498 points after they defeated Japan in the final of the WBSC Premier12 tournament on Sunday. Mexico (4,729) dropped to fourth, behind Venezuela (4,846), who finished fourth at the tournament. Taiwan narrowed the gap to first-placed Japan to 1,368 points from 1,638, WBSC
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