The Thai baht and the South Korean won rose against the dollar on Tuesday before central banks' rate meetings there later this week while caution over dollar-buying intervention by Asian authorities kept regional currencies in a tight range. The Bank of Thailand and the Monetary Authority of Singapore were spotted buying dollars to check gains in their currencies, dealers said.
Asian foreign exchange authorities are expected to keep curbing strength in their currencies to maintain export competitiveness, especially amid concerns that higher energy prices may stunt the global economic recovery, analysts and dealers said. The Thai baht rose 0.3 percent on continuous demand from exporters for settlements and foreign banks.
POSCO is set to pay dividend on Wednesday with a 325 billion won ($291 million) for foreign shareholders. The Taiwan dollar gained with the help of firm local stocks and lower oil prices, while the Malaysian ringgit barely changed on caution over the central bank's intervention. The Philippines peso dipped on dollar demand linked to NDF fixing and as investors held dollar-short positions to cover.
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