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Dollar weaker around ¥113.50 in Tokyo

JIJI

The dollar moved on a weak note around ¥113.50 in Tokyo trading on Monday, reflecting sluggish Tokyo stock prices.

At 5 p.m., the dollar stood at ¥113.45-45, down from ¥113.57-57 at the same time Friday. The euro was at $1.1639-1640, up from $1.1632-1632, and at ¥132.06-06, down from ¥132.11-11.

Dollar buybacks took the upper hand in early trading in Tokyo, briefly pushing up the U.S. currency to levels close to ¥113.70. But the dollar moved around ¥113.60 later in morning trading amid a lack of fresh incentives, traders said.

In the afternoon, the dollar weakened to around ¥113.50 as Tokyo stock prices extended their losses toward the close. The dollar lost further ground in late trading, hovering below ¥113.50.

Market participants retreated to the sidelines to see the course of U.S. tax reforms and key U.S. economic data, such as retail sales in October, due out later this week, said an official of a foreign exchange margin trading service firm.

An official at another currency margin trading service provider projected that the dollar will move in a narrow range until any progress is achieved in the U.S. tax reforms.