Dollar climbs to 9-1/2-month high

Dhaka,  Sat,  03 December 2016
Published : 01 Dec 2016, 14:10:38

Dollar climbs to 9-1/2-month high vs. yen  

Dollar climbs to 9-1/2-month high
The dollar touched a 9-1/2-month high against the yen on Thursday, as oil prices surged after OPEC agreed to output cuts - lifting inflation expectations and US bond yields.

Steven Mnuchin, President-elect Donald Trump's pick to lead the US Treasury, gave no hint of any unease over the strong dollar in his first remarks since being named for the job, giving traders fresh impetus to buy the US currency.

The dollar's index against a basket of six major currencies last stood at 101.42. On Wednesday, it had risen as high as 101.83, nearing a 13-1/2-year peak of 102.05 set last week.

The dollar's rebound came as oil prices jumped around 9.0 per cent on Wednesday as OPEC members agreed to cut production, its first reduction since 2008.

The dollar rose notably against the yen, hitting a peak of 114.83 yen earlier on Thursday, its strongest level since mid-February. The dollar was last trading at 114.17 yen, down 0.2 per cent on the day.

The euro rose to 121.55 yen, its highest level since June 24.

The euro edged up 0.1 per cent to $1.0602, but was down from Wednesday's intraday high of $1.0666, according to Reuters.

-SRS-
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