Dollar inches higher Asian trading

TOKYO: The dollar inched higher in Asia Friday after tumbling on comments from the head of the Federal Reserve who said the bank's massive stimulus drive would remain in place for some time.

In Tokyo afternoon trade, the dollar fetched 99.06 yen, slightly up from 98.90 yen in New York on Thursday, while the euro also strengthened to 129.56 yen from 129.50 yen.

The European single currency was at $1.3077 from $1.3092, as traders keep an eye on eurozone industrial production data for May due later in the day.

The dollar faced selling pressure in New York after Bernanke said the Fed's $85 billion-a-month bond-buying programme would be kept in place "for the foreseeable future".

"The majority of FOMC members want more evidence of improving labour market conditions and stronger growth before curtailing the asset purchase programme," Credit Agricole said in a note.

However it added that "we maintain our view that the FOMC is likely to begin reducing its asset purchases at the September meeting".

The dollar's rise on Friday came as Japanese importers boosted their dollar buying, dealers said.