Dollar rises above ¥113 in Tokyo

The dollar recouped early losses to climb above ¥113 in Tokyo trading Tuesday, underpinned by rises in the stock market and U.S. long-term interest rates.

At 5 p.m., the dollar stood at ¥113.09-09, up from ¥112.98-98 at the same time Monday. The euro was at $1.1743-1743, almost unchanged from $1.1740-1742, and at ¥132.80-81, up from ¥132.65-66.

The dollar was weak around ¥112.70 in early trading, dampened by profit-taking.

The U.S. currency was also pressured by a shooting spree in Las Vegas late Sunday, market sources said.

The dollar later rose above ¥113 thanks to buying from Japanese importers.

“Chiefly supported by the strong performance of Tokyo stocks, the dollar attracted buy orders,” an official of a currency brokerage firm said.

The dollar drew renewed purchases in the afternoon thanks to the continued strength of Tokyo stocks and higher U.S. long-term interest rates, market sources said.

Still, the greenback failed to extend gains once it topped ¥113.

“Market players found no fresh incentives to buy the dollar for now,” an official at a foreign exchange margin trading service firm said.

“The focal point is whether the dollar will exceed its recent high of ¥113.20 marked on Wednesday,” an official at another currency broker said.

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