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The dollar traded narrowly around ¥106.90 for the majority of Tokyo trading on Monday.

At 5 p.m., the dollar stood at ¥106.98-99, up from ¥106.83-84 at the same time on Friday. The euro was at $1.1318-1318, up from $1.1279-1279, and at ¥121.10-10, up from ¥120.50-51.

After falling to around ¥106.60 in overseas trading late last week, reflecting concerns about another wave of coronavirus infections, the dollar recovered to the ¥106.90 level in Tokyo trading on Monday morning, thanks to real demand-backed buying.

Hit by selling on a rally at levels close to 107, the U.S. currency fluctuated mostly around ¥106.80 in afternoon trading.

Reassured by rising stock markets both in Japan and abroad, the dollar climbed above ¥106.90 in late trading.

“The dollar faced a slightly stronger selling pressure than the yen amid a rise in risk appetites, reflecting hopes for developments on coronavirus vaccines and treatments,” an official at a Japanese bank said.

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