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Dollar rises, but still under pressure

08-08-2011 10:56 BJT

NEW YORK, Aug. 5 (Xinhua) -- The U.S. dollar rose this week as the country avoided a debt default in the very last minute and actions were taken by other central banks. But economic concerns still put pressure on the currency.

U.S. President Barack Obama announced Sunday night that Democrats and Republicans had reached agreements on raising the government's debt ceiling, thus avoiding a default. The plan passed both the House and Senate in the following days.

The dollar snapped its losing streak earlier this week by the upbeat news. But worries about U.S. debt problems still exist.

The biggest impact on the currency market later this week came from a series of measures taken by central banks.

The Bank of Japan (BOJ) on Thursday decided to raise its asset-purchase program to 50 trillion yen (about 630 billion U.S. dollars) from previous 40 trillion yen (about 510 billion U.S. dollars) at a monetary policy meeting.

The move marked the second time this year that the Japanese government stepped into the currency markets to weaken the yen intentionally. The first time occurred in March after the country was hit by a devastating earthquake and tsunami.

The yen had risen nearly 10 percent against the dollar since last intervention as the U.S. dollar continued to decline due to debt concerns and economic worries.

The yen was weakened immediately after the intervention. The dollar climbed nearly 2.5 percent against the yen to 78.95 in mid-day New York trading session on Thursday. The yen lost 2.1 percent against the dollar this week.

Editor:Wang Xiaomei |Source: Xinhua

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