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The dollar weakened below ¥109 in Tokyo on Tuesday due to receding safe-haven buying of the U.S. currency.

At 5 p.m., the dollar stood at ¥108.87-88, down from ¥109.17-18 at the same time Monday. The euro was at $1.0877-0878, up from $1.0816-0816, and at ¥118.42-44, up from ¥118.09-10.

After hovering around ¥109.20 in the early morning, the dollar gradually lost ground to hit levels below ¥108.70 in the midafternoon, succumbing to selling prompted by the greenback’s drops against the euro and the Australian dollar, traders said.

Later the dollar showed some resilience but failed to go up further.

“The dollar met with selling against the yen as well as other currencies because a U.S. stock rally turned investors less risk-averse,” an official at a life insurance firm said.

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