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Sunday, July 26, 2009

Dollar rebounds in Asian trade

TOKYO (AFP) — The dollar rebounded slightly in Asian trade on Monday after plunging at the end of last week on news of a jump in the US unemployment rate, dealers said.

The dollar firmed to 105.33 yen in late Tokyo afternoon trade from 104.90 in New York late on Friday.

The euro was unchanged at 1.5777 dollars but rose to 166.14 yen against 165.55.

"As the stock markets are falling, investors are wavering between selling the greenback and buying it back," said Yuya Koike, a forex dealer at Hachijuni Bank.

Japanese share prices were down nearly two percent in late trade after sharp falls on Wall Street on Friday.

The weaker dollar contributed to a record jump in crude oil prices in New York of more than 10 dollars a barrel on Friday, adding to...
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