BLBG:Yen Rises as Stock Declines Spur Safety Demand; Rupiah Tumbles
The yen strengthened for the first time in three days against the dollar as a slide in Asian and European stocks fueled demand for the relative safety of the Japanese currency.
The yen advanced at least 0.2 percent versus all its 16 major counterparts amid speculation the Federal Reserve will reduce its bond-purchase program. India’s rupee slid to a record and Indonesia’s rupiah slumped to the lowest level since April 2009 on concern funds will flow out of Asian markets. New Zealand’s dollar weakened after central bank governor Graeme Wheeler said that the currency was overvalued.
The yen rose 0.5 percent to 97.09 per dollar at 8:54 a.m. London time after advancing to 95.81 on Aug. 8, the strongest since June 19. Japan’s currency appreciated 0.5 percent to 129.50 per euro. The euro was little changed at $1.3342.
The rupiah fell 2.2 percent to 10,720 per dollar after sliding to 10,728, the weakest level since April 2009.
To contact the reporter on this story: Lukanyo Mnyanda in Edinburgh at lmnyanda@bloomberg.net
To contact the editor responsible for this story: Paul Dobson at pdobson2@bloomberg.net
