Euro Holds Ground Against Dollar, Yen in Tokyo
The newly launched European single currency, the Euro, became strong against the US dollar and the Japanese yen after making a quiet debut on the Tokyo foreign exchange market Monday.
The Euro began its first trading against the yen on a weak note but recouped its early loss on buying late in the morning, dealers said. At 5 pm local time, the Euro was quoted at 134.95 to 135.00 yen, up from 132.58 to 132.63 yen at 9 am, and higher than its initial fixing rate of 132.80 yen set by the European Commission on Thursday.
The new currency fetched 1.1853 to 1.1856 dollars at 5 pm, up from 1.1754 to 1.1758 dollars at 9 am, and well above the initial fixing rate of 1.16675 dollars set by the commission.
Economicnews 1999-01-05 Page7
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