The U.S. dollar slipped to the lower 116 yen level on Monday in Tokyo as it remained under pressure on rising speculation that a slowing U.S. economy might prompt the U.S. Federal Reserve to cut interest rates by the end of the year.

At 5 p.m., the dollar was quoted at 116.22-25 yen, compared with Friday's 5 p.m. quotes of 116.51-61 yen in New York and 116. 40-43 yen in Tokyo.

It traded between 116.13 yen and 116.69 yen during the day, most frequently at 116.32 yen.

The euro was quoted at 1.2784-2787 dollars and 148.60-148.64 yen against Friday's 5 p.m. quotes of 1.2778-2788 dollars and 148. 99-149.09 yen in New York and 1.2819-2822 dollars and 149.24-28 yen in Tokyo.

Source: Xinhua