Dollar drops below 113 yen in Tokyo<\/p>\n
TOKYO (AFP): The dollar temporarily plunged below 113 yen here
\nyesterday amid caution on the eve of the release of Japanese
\ntrade data, dealers said.<\/p>\n
"Even if the surplus is within the expected range, it will
\nlikely trigger renewed buying of the yen," a credit bank dealer
\nsaid.<\/p>\n
The U.S. currency dropped to as low as 112.93 yen in late
\ntrading on concern about Japan's trade surplus ahead of the
\nupcoming summit of the Group of Seven (G7) members with Russia in
\nDenver in late June, dealers said.<\/p>\n
But the unit rebounded slightly in late trading on short-
\ncovering, dealers added.<\/p>\n
At 5 p.m. (0800 GMT), the dollar traded at 113.32-35 yen,
\ncompared with 113.26 yen earlier in the day and 113.20 yen in New
\nYork late Monday.<\/p>\n
It was quoted at 1.7350-53 marks, against 1.7310 earlier and
\n1.7315 in New York Monday.<\/p>\n
In Singapore, the dollar closed higher against the yen in
\nSingapore trading Tuesday after recovering from aggressive
\nselling, dealers said.<\/p>\n
Investors had sold the U.S. currency against the yen as they
\nsought to hedge their positions ahead of the release of Japanese
\ntrade data, dealers said.<\/p>\n
The greenback, however, bounced back to close higher at 113.45
\nyen from an opening quote of 113.30. It was higher at 1.7365
\nmarks from 1.7312 in technical-driven trading, a dealer with
\nBanque Nationale de Paris said.<\/p>\n
In Southeast Asian regional play, the greenback ended slightly
\nhigher at 1. 4270 Singapore dollars from the previous day's close
\nof 1.4255 and 2,5150 Malaysian ringgit from 2.5148.<\/p>\n
It was lower at 22.60 Thai baht from 24.35 and unchanged at
\n2.,428 Indonesian rupiah.<\/p>\n
In London, the mark fell early yesterday after European
\nleaders reached agreement on the ground rules for the single
\nEuropean currency, which analysts said might weaken the future
\neuro currency.<\/p>\n
The mark fell to 978 lire from 981 late on Monday. It was
\nbeing traded at 3.3725 French francs from 3.3728.<\/p>\n
The dollar was being traded at 1.7367 marks from 1.7301 late
\non Monday, 113.39 yen from 113.43, 1.4478 Swiss francs from
\n1.4405, and 5.8591 French francs from 5.8377.<\/p>\n
The mark was being traded at 3.3725 French francs from 3.3728,
\n978 lire from 981, 84.38 pesetas from 84.46, 0.8333 Swiss francs
\nfrom 0.8325, and 65. 31 yen from 65.52.<\/p>\n
Sterling was at US$1.6350 from $1.6367, 2.8382 marks from
\n2.8320, 185.39 yen from 185.67, 2.3661 Swiss francs from 2.3577,
\nand 9.5773 French francs from 9.5546.<\/p>\n
Gold was worth $341.55 from $342.15.<\/p>\n
The British three-month interbank rate was unchanged at 6.687
\npercent and the three-month Eurodollar rate held at 5.562
\npercent.<\/p>",
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