Yen, US dollar gain on week

Yen, US dollar gain on week

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The US dollar saw gains over the week against most major currencies and adding 1.3 percent in relation to both the euro and sterling to $1.3650 and $2.0290 respectively.

The greenback gained even more against the Australian and New Zealand dollars as it added 2.5 percent to $0.8580 versus the Australian currency and gaining 3.4 percent on the New Zealand dollar to $0.7710.

With the exception of the yen, the US currency also made gains over Asian currencies.

The rupee dropped 0.44 percent to Rs40.52, while the Indonesian rupiah dropped 1.3 percent to Rp9,240.

The Phillipine peso and the Malaysian ringgit each were down 1 percent, to 45.8 to the dollar and 3.468 to the dollar respectively.

All of the Asian declines had to do with fears that the slumping US housing market could hurt the global economy.

The yen, in contrast, added 2 percent to ¥118.90 versus the greenback, while it added 3 percent each to its value in relation to the pound and the euro, to ¥241.70 versus sterling and to ¥165.50 against the euro.

The yen rose even more steeply versus the Australian and New Zealand currencies, up 4.1 percent to ¥102.16 against the Australian dollar and up 4.9 percent to ¥91.77 in relation to the New Zealand dollar.

The Swiss franc also saw gains, adding 0.5 percent to both the euro and sterling during the week to SFr1.6525 and SFr2.4570 respectively, and rising 1.5 percent to SFr1.0395 in relation to the Australian dollar.