JPYINR RALLIES ABOVE 58.30 MARK IN INTRADAY MOVES

Published on Dec 21, 2023 16:25

Japanese Yen edged up today as a massive wave of losses that had pulled the currency near one week low of 145 mark against the US dollar gave way to a pullback. USDJPY is currently quoting down 0.37% at 143.05. Yen has appreciated and that is exerting heavy pressure on Japanese stocks. Japanese stock market tanked on Thursday, following the broadly negative cues from US markets. The Nikkei 225 index lost 1.60% to close at 33140 today, adding to losses in last session. Meanwhile, data out yesterday showed that Japan logged a 776.94 billion yen trade deficit in November. Exports dropped 0.2% from a year earlier to 8.82 trillion yen while imports tumbled 11.9% to 9.60 trillion, according to the Finance Ministry`s preliminary report. The deficit shrank 62.2% from its year-earlier level as energy imports dropped sharply. The strength in Yen is visible in local markets too as NSE JPYINR futures are quoting at 58.26, up 0.25% on the day after hitting a high of 56.34 in intraday moves.