Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Opinion / Online-views/  Dollar steady in Asian trade
BackBack

Dollar steady in Asian trade

Dollar steady in Asian trade

Premium

AFP

Tokyo: The dollar was steady in Asian trade on Monday, 27 August, as investors returned to risky bets after strong US data eased fears of a global credit crunch, dealers said.

The greenback slipped to 116.22 yen in Tokyo afternoon trade from 116.41 in New York late Friday.

The euro was steady at 1.3673 dollars but eased to 158.88 yen from 159.24.

NAB Capital strategist John Kyriakopoulos said the market was seeing a “recovery in investor risk appetite and carry trades."

A carry trade is when the yen is used as a source of low-cost funding for higher-yielding assets elsewhere. Japan has the lowest interest rates of any major economy.

The yen was also softer against high-yielding currencies. The Australian dollar firmed to 96.69 yen from 95.35 and the British pound to 234.22 yen from 233.62.

Global markets have been in turmoil in recent weeks over problems in the US home loan market, where borrowers with shaky credit histories defaulted on mortgages, raising fears of a liquidity shortage as investors scramble to cover losses.

But anxiety eased after surprisingly strong US economic news. The US government on Friday said new home sales rose 2.8% in July; most analysts had expected sales to decline.

The dollar slipped to 938.60 South Korean won from 942.05, to 46.65 Philippine pesos from 46.77, to 9,382.50 Indonesian rupiah from 9,410, and to 1.5192 Singapore dollars from 1.5238.

The greenback firmed to 32.98 Thai baht from 32.44 and was stable at 32.96 Taiwan dollars.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 27 Aug 2007, 11:51 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App