Asian currencies higher against dollar

HONG KONG: Asian currencies ended the week mostly higher against the dollar as traders awaited the fate of a massive US rescue package aimed at stabilising the global finance sector and economy.

Japanese yen rose moderately during the week, taking advantage of selling pressure on the dollar after political wrangling held up a proposed Wall Street bailout plan, adding to market jitters, dealers said.

After a volatile week, the Japanese currency stood at 105.68 against the dollar late Friday, up from 107.33 a week earlier.

The Australian dollar was likely to trade in a tight range in the week ahead unless the US government's 700 billion US dollar Wall Street rescue passage succeeded, dealers said.