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Dollar trades in upper 91 yen zone in early Tokyo deals.

TOKYO, Feb. 18 Kyodo

The U.S. dollar traded in the upper 91 yen zone early Friday in Tokyo after the U.S. discount lending rate hike, up from its late Thursday quotes in New York.

At 9 a.m., the dollar fetched 91.93-96 yen against 91.75-85 yen in New York and 90.97-91.00 yen in Tokyo at 5 p.m. Thursday.

The euro traded at $1.3467-3468 and 123.82-86 yen versus

$1.3520-3530 and 124.05-15 yen in New York and $1.3542-3545 and 123.22-26 yen in Tokyo late Thursday.

In New York overnight, the dollar climbed to a one-month high of 91.82 yen on the announcement of a Federal Reserve decision to conduct a one-quarter point hike in the discount rate -- the rate the Fed charges on its emergency loans to commercial banks.

Earlier Thursday, dollar sales temporarily outweighed purchases as U.S. labor market statistics released on the day produced a weaker-than-expected reading.

But the U.S. currency later recouped lost ground in tandem with increases in New York stock prices.

The dollar strengthened further as market player sentiment on the currency received a boost from news that the Fed decided to bump up the discount rate to 0.75 percent, effective on Friday.
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Publication:Japan Weekly Monitor
Date:Feb 22, 2010
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