The dollar fell to around ¥110.60 in lackluster Tokyo trading Friday.

At 5 p.m., the dollar stood at ¥110.54, down from ¥110.68 at the same time Thursday. The euro was at $1.1777, up from $1.1740, and at ¥130.19, up from ¥129.95.

The dollar dropped to around ¥110.50 in early morning trading as the gaps between U.S. and Japanese interest rates narrowed, but firmed later on buying by Japanese importers for settlement purposes.

The greenback sank again in the afternoon, falling to around ¥110.40, as market players took to profit-taking and position-adjusting selling ahead of the Easter weekend, but showed resilience as “demand for the dollar is strong thanks to U.S. economic recovery hopes,” an official at a foreign exchange margin trading service firm said.

Trading was slow as market players took to the sidelines ahead of the release of U.S. jobs data for March later on Friday.

An official of a Japanese securities firm noted the strength of the dollar based on the United States’ progress in vaccination programs relative to those of European countries and Japan, which are seeing inoculation schedules pushed back.

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