New York, Sep 26 (IANS) The US dollar increased against other major currencies on Friday as Federal Reserve Chair Janet Yellen said the central bank was on track to raise interest rate this year and the country’s economic growth was revised up again.
In late New York trading, the euro fell to $1.1196 from $1.1220 in the previous session, and the British pound dropped to $1.5190 from $1.5237 in the previous session, Xinhua reported.
The Australian dollar decreased to $0.7019 from $0.7036.
The US dollar bought 120.62 Japanese yen, higher than 120.03 yen of the previous session.
The US dollar rose to 0.9799 Swiss franc from 0.9761 Swiss franc, and it climbed to 1.3330 Canadian dollars from 1.3317 Canadian dollars.
“Most FOMC participants, including myself, currently anticipate that achieving these conditions will likely entail an initial increase in the federal funds rate later this year, followed by a gradual pace of tightening thereafter,” Yellen said in a public speech on Thursday.
Yellen’s words eased market concerns about the slowing global growth and supported the greenback on Friday.
The greenback was further lifted as a report showed the country’s real gross domestic product (GDP) increased at an annual rate of 3.9 percent in the second quarter of 2015, according to the “third” estimate released by the US Commerce Department on Friday.
The dollar index, which measures the greenback against six major peers, was up 0.18 percent at 96.167 in late trading.