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Extend dollar decline against the yen and euro in Asian trade Tuesday, on expectations that U.S. interest rates will remain low for some time because the world's leading economies struggling to recover.

The dollar fell to 88.94 yen in Tokyo afternoon trade from 89.57 in New York late Monday. The euro rose to 1.4840 dollars from 1.4819 dollars, but fell to 131.97 yen from 132.75 yen.

Greenback continued to pressure after the U.S. Federal Reserve Chairman.

Ben Bernanke on Monday indicated the central bank will maintain its super-loose monetary policy to maintain a sustainable recovery and inflation remained low.

"Bernanke apparently doused expectations for higher interest rates near term," NAB Capital strategist John Kyriakopoulos noted. The level of fed funds rate currently stands between zero to 0.25 percent.

Speaking ahead of an interest rate decision meeting on 15-16 December, Bernanke said the recovery faced "headwinds great couple," especially the weak job market and tight credit conditions.

Comments followed the U.S. unemployment report last Friday a better than expected, showed the rate of job loss slowed.

However, "a positive impact on the market and adjust to the expectations of growth following the U.S. jobs report gave way to renewed worries," said Calyon analyst Mitul Kotecha.

Investors digested the news that the Japanese stimulus package Tuesday approved 274 billion dollars with more than 80 billion dollars in direct spending to prop up an economy plagued by deflation and a strong yen.

New spending comes from data showing Japan's credit growth continued to slow for the 11th consecutive month in November, adding further evidence that the injection of liquidity into the banks did not spread to the broader economy.

The central bank last week announced it would offer 10 trillion yen three-month loans to financial institutions in an effort to increase demand and sluggish economy.

While the market is also considering German industrial production for October, amid new fears the euro zone growth for the bank asset values decline further and the financial health of Portugal and Greece.

Institute Standard & Poor ratings `s on Monday lowered the long-term credit rating from both countries to" negative, "voicing pessimism in their capacity to strengthen public finances and reduce debt.

In regional trade dollar rose to 1.3889 Singapore dollars from 1.3878, to 1155.20 South Korean won from 1154, the 9448 Indonesian rupiah from 9440, to 33.18 Thai baht from 33.16 and to 32.23 Taiwan dollars from 32.21.

Greenback fell to 45.88 Philippine pesos from 46.07 pesos.

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4 Responses so far.

  1. Goaplek says:

    Hmmm kabar baik tuh... mudah2an melemah terus.....

  2. Wow... keren...
    Harapanku juga sama, semoga melemah terus.. tapi bagaimana dengan rupiah? mudah2an bisa kembali seperti waktu tahun 90an....

  3. Agung says:

    a good news for me !!

  4. ....... gives a positive signal for the economy of Indonesia

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