Share

Dollar stable in Asia due to Bernanke

Tokyo - The dollar was stable against the yen in Asia on Tuesday as dealers await Federal Reserve chief Ben Bernanke's testimony to a congressional committee this week.

In Tokyo afternoon trade, the greenback fetched ¥99.84, compared with ¥99.82 in New York late Monday, while the euro firmed to $1.3084 from $1.3064 and to ¥130.59 from ¥130.41.

Investors are reluctant to bet aggressively ahead of Bernanke's House testimony on Wednesday and Thursday, a senior dealer at a major Japanese trust bank told Dow Jones Newswires.

His comments and speculation over the Fed's policy outlook stoked market gyrations over recent sessions

"Some speculators got burned," the dealer said.

On Monday in New York, the greenback picked up strength after last week's retreat to about ¥90 even as US retail sales figures disappointed.

Earlier on Monday the Commerce Department reported sales in June rose just 0.4%, below the 0.7% expected by analysts.

Indonesia's rupiah currency fell to its lowest level against the dollar in almost four years, as foreign investment and demand for the country's exports cool.

Analysts, however, said the drop was in line with other falling Asian currencies.

"It's nothing to worry about, because comparatively, the rupiah fares much better than many Asian currencies," Bank Internasional Indonesia economist Juniman, who goes by one name, told AFP.

A spokesman for the central Bank Indonesia added: "The rupiah's development is in line with Indonesia's economic fundamentals, a reflection of the trade balance and high inflationary pressure...Let the rupiah find its balance."

The dollar advanced to 10 038 rupiah on Tuesday from 10 028 rupiah a day earlier.

Against other Asia-Pacific currencies the dollar slipped to 59.37 Indian rupees from 60.04 rupees on Monday, to Tw$29.829 from Tw$29.883, to 31.07 Thai baht from 31.15 baht and to 43.30 Philippine pesos from 43.44 pesos.

The Australian dollar firmed to 91.82 US cents from 91.00c while the Chinese yuan changed hands at ¥16.28 compared with ¥16.17.


We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
19.00
-0.5%
Rand - Pound
24.02
-0.5%
Rand - Euro
20.53
-0.3%
Rand - Aus dollar
12.37
-0.2%
Rand - Yen
0.13
-0.6%
Platinum
904.37
+0.8%
Palladium
1,014.65
+1.3%
Gold
2,205.79
+0.5%
Silver
24.61
-0.1%
Brent-ruolie
86.09
-0.2%
Top 40
68,281
+0.9%
All Share
74,458
+0.7%
Resource 10
57,014
+2.4%
Industrial 25
103,960
+0.7%
Financial 15
16,486
-0.2%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders