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The dollar modestly rebounded to around ¥103.50 in Tokyo trading Monday.

At 5 p.m., the dollar stood at ¥103.50, up from ¥103.42 at the same time Friday. The euro was at $1.1888, up from $1.1838, and at ¥123.03, up from ¥122.45.

The dollar traded mostly at ¥103.20 in the morning, sandwiched between selling amid growing risk-on sentiment after Democratic candidate Joe Biden’s victory declaration in the U.S. presidential race and buying by Japanese importers for settlement purposes as well as buybacks.

In the afternoon, the greenback bounced back to levels above ¥103.50 on renewed safe-haven buying stemming from rekindled concerns that “incumbent U.S. President Donald Trump’s continued rejection to accept the election result would prevent the United States from implementing economic measures,” an official at a Japanese securities firm said.

The euro’s appreciation on the back of strong German economic data also provided support to the dollar vis-a-vis the yen in late trading, traders added.

Meanwhile, a currency broker said the dollar-yen pair “is struggling for direction” now that the presidential election is no longer the biggest market focus.

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