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US dollar falls against yen amid global rout

U.S. one-hundred dollar bills are seen in this photo illustration at a bank in Seoul August 2, 2013. Picture taken August 2, 2013. South Korea's foreign reserves jumped to a record high in July, the central bank said on August 5, 2013, appearing to support traders' suspicions of dollar-buying intervention by currency authorities last month. The reserves stood at $329.71 billion at the end of July, up $3.27 billion from June, the Bank of Korea said in a statement, attributing the rise to management gains and the appreciation of the euro in July, which the Bank of Korea said was up 1.8 percent against the dollar last month. REUTERS/Kim Hong-Ji (SOUTH KOREA - Tags: BUSINESS)
U.S. one-hundred dollar bills are seen in this photo illustration at a bank in Seoul August 2, 2013. Picture taken August 2, 2013. South Korea's foreign reserves jumped to a record high in July, the central bank said on August 5, 2013, appearing to support traders' suspicions of dollar-buying intervention by currency authorities last month. The reserves stood at $329.71 billion at the end of July, up $3.27 billion from June, the Bank of Korea said in a statement, attributing the rise to management gains and the appreciation of the euro in July, which the Bank of Korea said was up 1.8 percent against the dollar last month. REUTERS/Kim Hong-Ji (SOUTH KOREA - Tags: BUSINESS)

New York: The US dollar decreased against the Japanese yen as declining stocks across the globe spurred market demand for safe-haven currencies.

In late New York trading on Tuesday, the euro dropped to $1.1386 from $1.1399 of the previous session, and the British pound fell to $1.4151 from $1.4280, Xinhua news agency reported.

The Australian dollar went down to $0.7530 from $0.7609.

The dollar bought 110.43 Japanese yen, lower than 111.23 yen of the previous session. The dollar slipped to 0.9562 Swiss francs from 0.9587 Swiss francs, and it inched up to 1.3163 Canadian dollars from 1.3065 Canadian dollars.

US stocks ended lower on Tuesday after wavering below the flatline in a narrow range. European equities traded sharply lower Tuesday with the German benchmark DAX index at the Frankfurt Stock Exchange tumbling more than 2 percent.

In Asia, Tokyo shares ended sharply lower on Tuesday with its benchmark Nikkei stocks index plunging to a two-month low.

Global rout in equity markets fuelled investors’ need for safe-haven assets like the yen. The Japanese currency rose 0.75 percent against the greenback in late trading on Tuesday.

–IANS

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