US dollar falls

New York, Sep 9 (IANS) The US dollar dropped against most major currencies as investors lowered their expectations for an interest-rate hike.

The dollar index, which measures the greenback against six major currencies, was down 0.28 percent at 95.955 in late trading on Tuesday, Xinhua news agency reported on Wednesday.

Investors on Tuesday were awaiting Fed’s September policy meeting scheduled to open next Wednesday. Many expected the US central bank to raise interest rate at September’s meeting, but the recent turmoil in global economy has overshadowed the prospect.

Moreover, the US economic data came out mixed on Friday, failing to underpin the Fed’s potential move to lift benchmark rates this month.

The total nonfarm payroll employment added 173,000 in August, well below market consensus of 223,000.

The unemployment rate, however, inched down to 5.1 percent, beating market estimates of 5.2 percent and logging the lowest level in seven years, according to the Labour Department on Friday.

In late New York trading, the euro rose to $1.1187 from $1.1170 in the previous session.

The British pound climbed to $1.5384 from $1.5277 in the previous session. The Australian dollar moved up to $0.7030 from $0.6924.

The US dollar bought 119.99 Japanese yen, higher than 119.28 yen of the previous session.

The US dollar hiked to 0.9814 Swiss franc from 0.9751 Swiss franc but declined to 1.3211 Canadian dollars from 1.3307 Canadian dollars.

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