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