JPYINR Futures Climb 1%; Yen Stays Supported By Dollar Weakness

Published on Jul 11, 2023 14:27

Broad weakness in the dollar overseas is seen benefiting the Japanese yen that climbed to a three-week high against the greenback on Tuesday. USDJPY is currently quoting at $140.54. The dollar has come under immense selling pressure after jobs data on Friday showed slower pace of growth, reducing bets of rate hike. Meanwhile, the dollar index is down 0.21% at 101.39 awaiting upcoming US inflation for further clarity. The Japanese currency fell nearly 3% versus dollar since June when the pair surged close to 145 mark on expectations of intervention by Japanese authorities. On the NSE, JPYINR futures are trading at 58.83, up more than 1% on the day. JPYINR was quoting at similar levels around mid June.