The Hindu Business Line : Yen trims gains vs euro, dollar, A$

MUMBAI: The yen reversed steep early gains and slid on Monday in choppy trade as market players bought the Australian dollar against the Japanese currency ahead of an expected rate hike in Australia this week.

The Australian and New Zealand dollars also fell early in the session partly due to a correction to their rallies of the past few months and soured market sentiment from news that CIT Group filed for bankruptcy.

The yen rose as high as 89.18 yen per dollar on trading platform EBS in early Asian trade, from around 90.10 per dollar late on Friday when it gained over 1.5 per cent. It stood at 90.18 yen, down 0.1 per cent on the day.

The Australian dollar initially fell to about 79.45 yen before recovering to gain 1.2 per cent on the day to 81.39 yen.

The euro traded at $1.4760, up 0.3 per cent from late U.S. trade on Friday when it lost over 0.8 percent.

The US dollar, which tends to gain when doubts about a global recovery emerge, stayed above the 76 mark against a basket of currencies, but traded heavily at 76.205, down 0.1 per cent. — Agencies

Next: Rupee rises by 24 paisa to 46.96/97 against dollar

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