US dollar falls against major currencies

New York: The US dollar has declined against most major currencies after reaching a 10-day high in the earlier session.

The dollar index, which measures the greenback against six major peers, fell 0.36 per cent at 89.726 in late trading on Thursday, Xinhua news agency reported.

In late New York trading, the euro rose to $1.2332 from $1.2297 in the previous session, and the British pound rose to $1.3958 from $1.3929 in the previous session. The Australian dollar rose to $0.7846 from $0.7816.

The US dollar bought 106.67 Japanese yen, lower than 107.7900 Japanese yen of the previous session. The US dollar decreased to 0.9330 Swiss franc from 0.9348 Swiss franc, and it increased to 1.2714 Canadian dollars from 1.2689 Canadian dollars.

The index rallied to 90.275 in the morning session on Thursday, the highest since February 3, as investors were digesting the latest Federal Reserve minutes released on Wednesday.

According to the minutes from the Fed’s January meeting, the Fed officials see increased economic growth and an uptick in inflation as justification to continue to raise interest rates gradually.

“Almost all participants” saw inflation moving up to the Fed’s 2 per cent inflation goal over the “medium term” as growth “remained above trend and the labor market stayed strong,” the minutes said.