The dollar fell below ¥ 108.50 in Tokyo on Friday in a wait-and-see climate before the Easter holidays abroad.
At 5 p.m., the dollar stood at 108.40-44 ¥, against 108.93-93 ¥ at the same time Thursday. The euro was at 1.0937-0937, against 1.0875-0875, and at 118.54-57 ¥, against 118.46-47 ¥.
On Thursday in New York, the greenback temporarily slid below ¥ 108.30 when the Federal Reserve announced aid of up to $ 2.3 trillion to businesses and other entities, which eased concerns over dollar shortages.
On Friday in Tokyo, the dollar rebounded above ¥ 108.40 at the start of the session and advanced nearly ¥ 108.60 in the middle of the morning thanks to purchases from real players supported by demand, traders said. .
The greenback lost its earnings later, however, after being weighed down by a wave of profit taking, they said.
Market participants paid attention to the Fed’s funding program, as well as to an agreement to reduce crude oil production, which was reached during an “OPEC-plus” emergency videoconference held for Member states of the Organization of the Petroleum Exporting Countries and major non-OPEC tankers on Thursday, an official with a Japanese bank said.
“But the market reacted little to the agreed reduction of 10 million barrels per day, believing that the amount of the reduction is insufficient given the drop in demand for oil in the midst of the coronavirus pandemic,” added the official. .