Dollar flat in Asia after Fed meeting

TOKYO: The dollar hovered in a narrow range in Asia on Thursday, bookended by dip-buying and selling pressure after the US Federal Reserve kept its easing policy unchanged.

The greenback was at 101.90 yen in Tokyo, nearly flat from 101.91 yen in New York Wednesday.

The euro bought $1.3591 and 138.50 yen, compared with $1.3593 and 138.52 yen.

The dollar began sliding after the Federal Reserve Board decision, when it announced there would be no quickening of the time-frame for raising interest rates.

The bank also reiterated its policy of tapering stimulus while keeping monetary policy "highly accommodative".

But the selling encouraged by that move was largely being cancelled out by Japanese importers buying the unit at an attractive level, said Shinji Kureda, head of FX trading group at Sumitomo Mitsui Banking Corp.

The Federal Open Market Committee "didn´t provide an incentive to sell the dollar, thus limiting (the dollar/yen´s) downside from here," Kureda told Dow Jones Newswires.

Equity market strength also brightened investor spirits and encouraged dollar buying, analysts said.

Tokyo´s Nikkei stock index ended 1.62 percent higher on Thursday, after Wall Street put in a strong showing.

The dollar weakened against other Asia-Pacific units, falling to Sg$1.2483 from Sg$1.2537 on Wednesday, to 1,018.60 South Korean won from 1,023.08 won and to 43.88 Philippine pesos from 43.99 pesos.