Dollar edged higher in Tokyo

Dollar edged higher in Tokyo

TOKYO (Agencies): The dollar edged higher here yesterday, adding to a rally it began in New York late last week on stronger-than-expected U.S. employment data.

The greenback closed at 103.77 yen, up 0.07 yen from New York's late rate Friday and up from 0.77 yen from Tokyo's previous close.

Spot turnover was US$4.51 billion, up from Friday's $4.39 billion.

The dollar opened the day at 103.92 yen and traded in a range between 103.75 yen and 104.25.

The mark closed at 1.6940 to the dollar here, compared with 1.6795 last week.

Dealers said the combination of bright U.S. employment data and growing concern over North Korea's suspected nuclear weapons program sustained the dollar's strength in Tokyo.

But they forecast a tight ceiling to any further rise of the greenback, which fell sharply against the yen early last week.

In Singapore, the U.S. dollar firmed against the Japanese yen on reported intervention by the Bank of Japan.

The central bank was reported to have bought the U.S. unit at the 103.95 to 104.00 yen range, pushing it to a high of 104.25 early in the morning but some dealers were skeptical of the report.

Rates provided by Banque Nationale de Paris showed the dollar firming to 103.73 yen at 09:00 GMT from 102.64 last Thursday, after opening at 104.15.

The dollar also strengthened to 1.6933 German marks, 5.7800 French francs, S$1.5107 but eased to HK$1.7267. The British pound eased to $1.4730.

The Hong Kong and most European financial markets were closed yesterday for the Easter public holiday.