New York, July 21 (Jiji Press)–The dollar rose above 163 yen to hit the highest levels in about 39 years and six months in New York on Tuesday, attracting safe-haven buying amid growing tensions in the Middle East. The U.S. unit traded around 163.04 yen at one point before standing at 163.00-10 yen at 11 a.m., up from 162.43-53 yen at 5 p.m. Monday. Crude oil futures remain on an uptrend due to fierce fighting between the United States and Iran as well as media reports that Yemen’s pro-Iran Houthi rebels will move to block Saudi Arabian ships’ navigation in the Red Sea. Yen selling for dollars accelerated because of speculation about interest rate hikes by the U.S. Federal Reserve amid higher crude oil prices and concerns over a deterioration in Japan’s trade balance, market sources said. The euro stood at 1.1400-1410 dollars at 11 a.m., against 1.1410-1420 dollars at 5 p.m. Monday. The European currency was at 185.90-186.00 yen, compared with 185.43-53 yen. END [Copyright The Jiji Press, Ltd.]
Dollar Hits 39-Year Highs above 163 Yen in N.Y.
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