November 14, 2006	Tuesday	Shawwal 21, 1427

NEW YORK, Nov 13: The dollar rose against the yen on Monday after the policy chief of Japan’s ruling party said he opposed an interest-rate hike, raising doubts among traders about the pace of Japanese economic growth.

The greenback also gained against the other major currencies as investors took profits after fears of central bank diversification drove it on Friday to multi-month lows.

In New York, the dollar was up nearly half a per cent on the day at 118.14 yen, and traders said bidding momentum might be enough to carry it to the 118.40-50 area before dollar bears step in.

The euro was changing hands at 151.33 yen, near last week’s record high of 151.52 yen, according to Reuters data.

Profit-taking took also took the euro down 0.3 per cent to $1.2808, nearly a cent off the 2-1/2-month high reached Friday after China's central bank chief reiterated plans to shift some of China’s $1 trillion currency reserves away from dollars.—Reuters