Dollar under pressure in Asia after mixed data

TOKYO: The dollar slipped in Asia Monday following mixed US data and simmering geopolitical concerns, while the Indian rupee sat close to one-year highs after the pro-business opposition won the country´s general election.

In afternoon Tokyo trading, the greenback fetched 101.43 yen, against 101.54 yen in New York Friday afternoon.

The euro rose to $1.3700 from $1.3695 while changing hands at 138.98 yen against 139.08 yen.

The greenback was also worth 58.40 rupees — levels not seen since June — after falling more than one percent on Friday as Narendra Modi´s Bharatiya Janata Party (BJP) stormed to power at the end of a marathon election.

The prime minister-elect summoned senior figures from the Hindu nationalist party on Sunday for talks on forming a new government, which won a strong mandate on promises to introduce reforms to turn around the economy.

Investors were skittish over the simmering Ukraine crisis and growing anti-Chinese unrest in Vietnam, while data out of the United States gave a mixed picture on the world´s number one economy.

That boosted buying of the yen, seen as a safe haven during times of uncertainty or turmoil.

“The yen has been in demand, mainly due to unstable risk sentiment and falling expectations of the Bank of Japan considering a more aggressive monetary policy stance anytime soon,” Credit Agricole said.

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