Japanese Yen Jumps To One And Half Month High As Dollar Momentum Fades; JPYINR Crosses 59

Published on Jul 12, 2023 13:09

Japanese yen climbed to a one and half month high against the dollar on Wednesday as greenback is seen losing momentum. Dollar is treading water amid expectations that Federal rate hikes could peak soon. USDJPY hit a low under 140 mark and is currently quoting at 139.43. The Japanese currency is down around 4% versus dollar since June when the pair surged close to 145 mark on expectations of intervention by Japanese authorities. Meanwhile, on the NSE, JPYINR futures advanced above 59 for the first time in almost a month. The pair hit a high of 59.25 and is currently quoting at 59.08, up 0.3% on the day.