May 7 ?The US dollar dipped slightly against its major rivals in late trading on Monday amid traders’ growing appetite for the Japanese Yen.
The dollar index, which measures the greenback against six major peers, was down 0.0012 per cent at 97.5196 in late trading.
The Japanese Yen was among the best-performing currencies, as market participants were mainly reacting in risk-off manner triggered by renewed concerns over global economic uncertainties, the Xinhua news agency reported.
During risk-off episodes, the yen is a beloved safe haven currency and on average appreciates against the US dollar, experts noted.
In late New York trading, the Euro was up to 1.1203 dollars from 1.1194 dollars in the previous session, and the British pound was down to 1.3098 dollars from 1.3164 dollars in the previous session. The Australian dollar fell to 0.6999 dollar from 0.7014 dollar.
The US dollar bought 110.92 Japanese Yen, lower than 111.09 Japanese Yen of the previous session. The US dollar rose to 1.0175 Swiss francs from 1.0174 Swiss francs and it was up to 1.3437 Canadian dollars from 1.3427 Canadian dollars.