US dol­lar rises af­ter China de­val­ues cur­rency for 2nd con­sec­u­tive day

The China Post - - BUSINESS INDEX & -

The U.S. dol­lar rose against a range of Asia-Pa­cific cur­ren­cies on Wed­nes­day af­ter China cut the value of the yuan against the green­back for a sec­ond con­sec­u­tive day.

The U.S. dol­lar added to the pre­vi­ous day’s gains against the In­done­sian ru­piah, In­dian rupee and South Korean won, while it dipped to 124.81 yen in late trade in Tokyo af­ter ear­lier jump­ing past its New York price of 125.12 yen.

The U.S. unit also strength­ened against the Aus­tralian dol­lar, which is of­ten seen as a proxy for China’s yuan, with the Aussie at 72.62 U.S. cents, down from 73.47 cents on Tues­day.

The Chi­nese yuan fetched 19.47 yen, against 19.75 yen.

The daily fix that sets the value of the Chi­nese cur­rency against the green­back was low­ered by 1.62 per­cent to 6.3306 yuan, from 6.2298 on Tues­day, the Peo­ple’s Bank of China said in a state­ment on its web­site.

In other trad­ing, the euro firmed af­ter Greece reached a tech­ni­cal deal on a multi-bil­lion-dol­lar bailout with its in­ter­na­tional cred­i­tors fol­low­ing marathon talks.

The 19-na­tion cur­rency fetched US$1.1079 and 138.31 yen, up from US$1.1042 and 138.15 yen in U.S. trade.

In other trad­ing, the dol­lar rose to SG$1.4135 from SG$1.3999 on Tues­day, to 64.77 In­dian ru­pees from 64.16 ru­pees, to 13,825 In­done­sian ru­piah from 13,591 ru­piah, and to 35.55 Thai baht from 35.35 baht.

The U. S. dol­lar also gained to 46.33 Philip­pine pe­sos from 45.95 pe­sos, and to 1,189.75 South Korean won from 1,178.94 won.

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