US dollar falls

New York, Aug 11 (IANS) The US dollar dropped against most major currencies after it soared to a four-month high in the previous session.

The dollar index touched its highest level of 98.334 in nearly four months on Friday as the strong US jobs data bolstered expectation for an interest-rate hike as early as September, reported Xinhua.

The index was down 0.38 percent at 97.194 in late trading on Monday due to some dovish remarks by Federal Reserve Vice Chairman Stanley Fischer.

Fischer said on Monday that low US inflation, while largely restrained by temporary factors, remains a concern when the Fed was considering a rate-hike.

Analysts said Fischer’s words cast some doubt on whether the central bank would raise rates next month.

Meanwhile, investors were awaiting the closely-watched US retail sales data to get a more comprehensive view of the country’s economic recovery.

In late New York trading, the euro rose to $1.0921 from $1.0972 in the previous session, and the British pound climbed to $1.5601 from $1.5492 in the previous session.

The Australian dollar increased to $0.7410 from $0.7407.

The US dollar bought 124.61 Japanese yen, higher than 124.17 yen of the previous session.

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