Dollar weaker in Asian trade

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Dollar weaker in Asian trade

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The dollar was down to 80.33 yen Tuesday afternoon in Tokyo.

28 February,2012 11:13 am

The dollar slid against major currencies in Asian trade Tuesday as profit-takers moved in after its recent rally and as Japanese operators made their month-end settlements, analysts said.The dollar was down to 80.33 yen Tuesday afternoon in Tokyo from 80.61 yen in New York Monday.Kengo Suzuki, forex strategist at Mizuho Securities, said the dollar had climbed a little beyond its natural range of late, and said he expected the greenback to slip further against the yen in the near term.I think the pair overshot by climbing near 82.00 yen, he told Dow Jones Newswires.But there is support at 80.00 on bargain-hunting from players who expect it to stay in the 80.00-82.00 range for a while, analysts said.The euro stood at $1.3428 and 107.90 yen, compared with $1.3398 and 108.02 yen in New York.The dollar had gained against the single currency in New York after the weekend meeting of the Group of 20 major and emerging economies, which sent a tough message to the European Union.Market players are now looking to a two-day summit in Brussels starting Thursday, where EU leaders will debate how to expand and strengthen the European bailout fund, the emergency backstop for the region.The dollar was lower against other Asian currencies, sliding to 1,126.50 South Korean won from 1,129.38 won Monday, to 42.80 Philippine pesos from 43.04 pesos and to Sg$1.2533 from Sg$1.2571.It also declined to 9,148.12 Indonesian rupiah from 9,160.00 rupiah and to 30.41 Thai baht from 30.44 baht, while remaining flat at Tw$29.59.