US dollar rises on expected hike of interest rate

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New York, Sep 8 (IANS) The US dollar increased substantially on expectation of interest rate hikes.

In late New York trading on Friday, the euro was down to $1.1566 from $1.1623 in the previous session, and the British pound was down to $1.2924 from $1.2932 in the previous session, Xinhua news agency reported.

The Australian dollar fell to $0.7109 from $0.7201.

The dollar index, which measures the greenback against six major peers, increased 0.33 per cent to 95.3604.

Wage growth registered big expansion in August while both payroll gains and averaged hourly earnings beat expectations, according to the data issued by US Department of Labor on Friday.

Open Market Committee with Federal Reserves is scheduled to hold its regular meeting from September 25 to 26 with rise of interest rate expected to be announced.

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The US dollar bought 111.05 Japanese yen, higher than 110.85 Japanese yen of the previous session. The US dollar increased to 0.9687 Swiss franc from 0.9660 Swiss franc, and it increased to 1.3172 Canadian dollars from 1.3141 Canadian dollars.

–IANS

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