Dollar lower in Asia, stable in Europe

TOKYO (AFP): The dollar closed slightly lower here yesterday at 96.88 yen, down 0.06 yen from the previous day's finish of 96.94 yen, after moving narrowly in the absence of fresh incentives.

After opening the day at 96.82 yen, compared with New York's late Wednesday quote of 96.83 yen, the spot dollar ranged between 96.79 yen and 96.94 yen.

In Singapore, rates provided by Banque Nationale de Paris showed the dollar easing to 1.4945 marks over Wednesday's close of 1.4970 marks.

The dollar weakened to 5.1140 French francs, 96.80 yen and S$1.4700 while it was unchanged at HK$7.7270.

In London, the dollar was stable at low levels at mid-day yesterday, following the German Bundesbank's decision to maintain key interest rates unchanged.

The dollar traded at 1.4955 German marks against 1.4950 just before the Bundesbank's late morning announcement, and compared with 1.4940 marks Wednesday evening in London.

Sterling stood at $1.6365 (1.6330 on Wednesday), 2.4474 marks (2.4397), 158.33 yen (158.48), 2.0424 Swiss francs (2.0380), 8.3727 French francs (8.3548).

Gold rose slightly to $389.90 an ounce against $389 on Wednesday.

In Hong Kong, Gold closed higher here yesterday at US$389.20- 389.60 an ounce, against the previous day's closing rate of $388.80-389.10.