Thursday, February 24, 2005

Oil rise drops yen

Every 10 percent rise in the price of oil leads to a 6.1 percent fall in the yen against the dollar, based on a study using 30 years of data by currency strategists at Standard Chartered Plc in London.

The Japanese currency weakened to 105.41 per dollar at 1:10 p.m. in New York from 104.83 late yesterday, according to electronic currency-trading system EBS. It also declined to 139.31 per euro from 138.54. The dollar traded at $1.3216 per euro from $1.3216.

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