AGL 40.00 Decreased By ▼ -0.01 (-0.02%)
AIRLINK 127.15 Decreased By ▼ -0.84 (-0.66%)
BOP 6.67 Increased By ▲ 0.07 (1.06%)
CNERGY 4.51 Decreased By ▼ -0.09 (-1.96%)
DCL 8.48 No Change ▼ 0.00 (0%)
DFML 41.63 Increased By ▲ 0.15 (0.36%)
DGKC 86.70 Increased By ▲ 0.12 (0.14%)
FCCL 32.25 Increased By ▲ 0.11 (0.34%)
FFBL 64.72 Decreased By ▼ -0.70 (-1.07%)
FFL 10.22 Decreased By ▼ -0.03 (-0.29%)
HUBC 109.50 Decreased By ▼ -0.99 (-0.9%)
HUMNL 14.49 Decreased By ▼ -0.26 (-1.76%)
KEL 5.07 Decreased By ▼ -0.06 (-1.17%)
KOSM 7.46 Increased By ▲ 0.34 (4.78%)
MLCF 41.35 Decreased By ▼ -0.30 (-0.72%)
NBP 60.50 Increased By ▲ 0.41 (0.68%)
OGDC 190.30 Decreased By ▼ -4.39 (-2.25%)
PAEL 27.78 Decreased By ▼ -0.17 (-0.61%)
PIBTL 7.78 Decreased By ▼ -0.22 (-2.75%)
PPL 149.70 Decreased By ▼ -1.47 (-0.97%)
PRL 26.90 Increased By ▲ 0.02 (0.07%)
PTC 16.01 Increased By ▲ 0.01 (0.06%)
SEARL 85.98 Increased By ▲ 7.78 (9.95%)
TELE 7.69 Increased By ▲ 0.30 (4.06%)
TOMCL 35.44 Decreased By ▼ -0.23 (-0.64%)
TPLP 8.10 Increased By ▲ 0.19 (2.4%)
TREET 16.25 Increased By ▲ 0.36 (2.27%)
TRG 53.11 Increased By ▲ 0.35 (0.66%)
UNITY 26.20 Decreased By ▼ -0.35 (-1.32%)
WTL 1.25 Decreased By ▼ -0.02 (-1.57%)
BR100 9,877 Decreased By -43.5 (-0.44%)
BR30 30,577 Decreased By -174.4 (-0.57%)
KSE100 93,306 Increased By 81.4 (0.09%)
KSE30 28,920 Increased By 34.9 (0.12%)

The dollar tumbled to a 14-year low against the yen on Thursday and struck a 1-1/2 year low on the Swiss franc, extending its broad slide on ultra-low US interest rates, even as Japan signalled it had no plans to step in to stem the yen's rise.
Japanese deputy finance minister Yoshihiko Noda told Reuters recent currency moves reflected dollar weakness and Japan wasn't considering intervening now, and Finance Minister Hirohisa Fujii said the move was at the stage where they should watch.
Traders have been doubting Japanese authorities, once known for their heavy dollar-buying interventions, would step in at this stage to break the fall because the dollar's drop was against a range of currencies, and the yen's trade-weighted gains have not been so sharp.
The yen's climb against the dollar this year has been painful for the country's big exporters and has hurt their earnings, one of the main reasons why Japanese shares have lagged the gains in other major markets. But Japan has stayed away from intervention for more than six years, and officials have repeatedly expressed a reluctance to do so.
Many officials around the world have expressed consternation and worry about the dollar's woes, and US officials have tried but failed to reassure investors they believe in a stronger currency. The dollar's drop came as short-term speculators and model-based funds sold to trip automatic sell orders, trying to take advantage of thinner market liquidity during the US Thanksgiving holiday.
The dollar index, a barometer of its performance against six major currencies, also hit a 15-month low. The dollar tumbled to just above 0.9900 Swiss francs on EBS, hitting its lowest since April 2008 before pulling back to 0.9950 francs.
The franc rose as high as 1.5012 per euro, its strongest since June, before edging back down to 1.5040 per euro, with the market nervous that any further strength might prompt the Swiss National Bank to intervene to curb its rise. The euro slipped 0.2 percent to $1.5105 after rising more than 1 percent on Wednesday and hitting a 15-month high of $1.5145 on EBS.

Copyright Reuters, 2009

Comments

Comments are closed.