Source AP ©

Dollar falls in Asia as traders search for direction

The dollar fell in Asia Friday with little market-driving news ahead of the new fiscal year beginning Sunday.

The dollar was trading at 117.68 yen midafternoon, down from 117.99 yen late Thursday in New York. The euro rose to US$1.3346 from US$1.3335.

"The bias is neutral, and I'm not sure where the dollar will be heading for right now," said Shogo Nagaya, a senior dealer at Nomura Securities.

The unclear outlook for the U.S. economy has pushed the dollar lower, but other factors such as stabilizing global stocks markets and the still-wide interest rate gaps between Japan and the U.S. make traders hesitant to sell the dollar.

The market is also waiting for the release of the Bank of Japan quarterly "tankan" survey of corporate sentiments, set for release Monday.

The dollar was mostly higher against other regional currencies, climbing to 43.556 Indian rupee from 43.39, 940.8 South Korean won from 940.6, and 9,130 Indonesian rupiah from 9,126.