Dollar falls to a new closing low of 100.40 yen in Tokyo

TOKYO (AFP): The dollar fell to a new local closing low of 100.40 yen in Tokyo yesterday, down 0.91 yen from 101.31 yen the previous day.

After opening at 101.11 yen, compared with New York's late Thursday quote of 101.40 yen, the dollar moved narrowly above 101 yen in quite trading during the morning.

But it slipped below the 101 yen level in the afternoon on Bank of Japan governor Yasushi Mieno's reported remarks suggesting central bank intervention alone cannot arrest the yen's further appreciation, dealers said.

Although the central bank apparently carried out dollar-buying intervention on the day's market, Mieno's remarks spoiled such efforts, a bank dealer said.

The dollar ranged from 100.35 yen to 101.15 yen during the day's session, with spot turnover totaling US$8.565 billion, against $6.478 billion in the previous session.

The mark closed at 1.5927 to the dollar, compared with the previous day's 1.6065.

In Singapore, rates provided by Banque Nationale de Paris showed the dollar easing to 1.5920 marks at 0900 GMT from 1.6060 Thursday after opening at 1.5950.

The dollar weakened to 5.4510 French francs, 100.25 yen and HK$7.7285 but was unchanged at S$1.5270. The British pound strengthened to $1.5490.

In London, the greenback was being quoted at 1.5915 marks against 1.6005 at the close here on Thursday, and at 100.25 yen against 101.15. In initial trading it had fallen to 1.5905 marks and 99.93 yen.

On Tuesday the dollar had fallen to the lowest point since World war II at 99.92 yen and to the lowest price for a year against the mark of 1.5880 marks.

The dollar was being quoted at 1.5915 marks from 1.6005 at the close here on Thursday, at 100.25 yen from 101.15, and 5.4488 French francs from 5.4813.

Sterling was at $1.5495 from $1.5405, 2.4660 marks from 2.4664, 155.34 yen from 155.87, and 8.4428 French francs from 8.4466. The pound opened in London yesterday at $1.5483.

In New York, the dollar traded on Thursday at 1.6045 German marks, down from 1.6050 late Wednesday and at 101.40 yen against 101.05.

The greenback fell to 5.4865 French francs from 5.4890 in New York late Wednesday, to 0.6502 pounds sterling from 0.6529.

Gold closed at $390.70-$391.10 an ounce in Hong Kong, up from the previous day's finish of $389.20-$389.50 and Friday's opening quote of $389.70-$390.10. In New York it rose to $389.70 an ounce late Thursday, up 20 cents from late Wednesday. In London the price of gold fixed at $390.70 an ounce.