Yen Recovers From 146 Levels Against Dollar; JPYINR Well Supported

Published on Aug 18, 2023 11:17

The Japanese yen appreciated against the dollar on Friday after having dropped sharply towards 146 levels this week. USDJPY retraced back from around one year high and is currently seen quoting at 145.40. Data showed overall consumer prices in Japan were up 3.3 percent on year in July, the Ministry of Internal Affairs and Communications said. That was unchanged from the June reading was well above forecasts for a gain of 2.5 percent. Core CPI that excludes the volatile costs of food was up 3.1 percent on year from 3.3 percent in the previous month. A modest pullback in dollar overseas also supported the Japanese currency. On the NSE, JPYINR August contract is also staying well supported at 57.30, up 0.46% on the day.