The dollar rose against the yen in Asian Market opening trades today, as Japanese investors and companies rushed to cover a shortage of the U.S. currency before their fiscal year end, but sentiment remained fragile as the global coronavirus crisis showed no signs of abating. China’s yuan was little changed even after a key survey showed manufacturing returned to growth in March, as investors remain skeptical of the uptick given many businesses are still struggling to resume full operations amid widespread disruptions caused by the coronavirus. Today is the last trading data for Japan’s fiscal year and the end of the quarter for major investors elsewhere, which could lead to some volatile swings as big players in the currency market close their books. However, analysts warn that an almost certain global recession due to the coronavirus will remain a dominant influence in trading and eventually favor currencies least affected by the economic downturn. In currency trading today, the dollar rose 0.69% to 108.55 yen. The euro fell 0.24% to $1.1013 while the Sterling too fell 0.71% to $1.2331. In the onshore market. The Indian Rupee opened stronger with a gap of 09 paise at 75.52/55 against its previous session’s close of 75.61/64 and is expected to trade between 75.00 – 76.00 ranges today, being the last working day for both Quarter and financial year ending.
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