US dollar ticks up after China tries to calm market turmoil
The U.S. dollar rose against the yen and euro on Wednesday as mainland Chinese authorities moved to shore up the world’s No. 2 economy and reverse a global stock market bloodbath.
In Tokyo, the U.S. unit changed hands at 119.62 yen, up from 118.84 yen in New York late Tuesday, as investor confidence picked up.
Fears over slowing growth in mainland China had pushed traders into the yen — a safe haven during times of turmoil — sending the American dollar tumbling to 116.18 yen this week, its lowest level since February.
In other trading Wednesday, the euro gave up early gains to buy US$1.1481 against US$1.1518 in U.S. trading, while it fetched 137.34 yen, compared with 136.87 yen in New York.
The U.S. dollar was mostly lower against other Asia-Pacific currencies.
It weakened to 46.62 Philippine pesos from 46.67 pesos Tuesday, to 1,186.20 South Korean won from 1,195.53 won, to SG$1.4005 from SG$1.4065, and to 66.15 Indian rupees from 66.52 rupees.
The greenback was also lower at NT$32.40 from NT$32.63 and 35.58 Thai baht from 35.64 baht, but rose to 14,115.00 Indonesian rupiah from 14,076.90 rupiah.
The Chinese yuan fetched 18.67 yen against 18.59 yen.
China on Tuesday cut interest rates and lowered how much cash banks must hold for the second time in as many months in the latest effort to stem an equities rout that began in June.