US dollar reaches its highest against yen in over 30 years

Amidst the speculation about 100-basis-point interest hike due to the staggering inflation, US dollar reached its highest peak against yen. Next month at the policy meet, the Fed may announce the hike as predicted by many strategists.

US dollar went up to 147.67 yen, an unexpected rise since August 1990, when it had recorded the highest peak at 147.66 yen. However, it quickly came down to 147.2 yen in a volatile session.

Last month, Japan's currency had fallen to 145.9 per dollar, which forced the country to intervene by spending nearly US$ 20 billion for the first time in 20 years. It is being speculated by traders that yen might decline even lower than 160.20 per dollar, which was recorded in April 1990.

As per the labor department, the US consumer price index (CPI) has gone up 0.4% in September as against 0.1% rise in August.

Dollar also gained against euro and Swiss franc.

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