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Currencies gain against US dollar in Asia

Major currencies were mostly making marginal gains against the US dollar on Monday as the pound stabilised after diving amid electoral tumult last week.

The British pound was up 0.1 per cent at $1.2759, having shed 1.6 per cent on Friday as the UK’s general election resulted in a hung parliament. It was the pound’s second-biggest one-day drop since October last year.

The euro gained 0.1 per cent to $1.1209.

The dollar index, a measure of the US currency against a basket of global peers, was down 0.1 per cent at 97.153 after three straight days of gains.

The Japanese yen was 0.1 per cent firmer at ¥110.27 per dollar after data showed wholesale inflation held steady in May and despite a surprise drop in machine orders, which are a popular proxy for capital expenditure.