RP, Thai c.banks sell dollars -- traders

ABS-CBN News

Posted at Jun 27 2008 11:41 AM | Updated as of Jun 27 2008 07:41 PM


Reuters


SINGAPORE - The central banks of the  Philippines and Thailand intervened on Friday by selling dollars to support their struggling currencies, traders said.

"They started selling at 44.70 (per dollar)," said a trader in Manila, referring to the dollar-selling intervention by the central bank to support the peso.

"The dollar is stronger against most emerging market currencies basically due to higher oil prices," he added.

Separately, traders said the Bank of Thailand was also selling dollars on the foreign exchange market to try to prop up the baht.

"Yes, they sold all the way down to 33.55 this morning," said a Bangkok-based trader.