US dollar ticks up on expected hike of interest rate

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New York, Aug 24 (IANS) The US dollar rose substantially as US central bank looks willing to crank up interest rate despite political pressures.

The dollar index, which measures the greenback against six major peers, rose 0.55 per cent to 95.6715 on Thursday, Xinhua news agency reported.

The Federal Reserve of the US would make its decisions on interest rates regardless of political consideration and political influences, said Dallas Fed President Robert Kaplan on Thursday, expressing his confidence on continuity of its manner.

US President Donald Trump recently expressed unhappiness with rise of interest rates by Federal Reserve, which was designed to be self-governing.

Federal Reserve was considering another rise of interest rate on its meeting dated from July 31 to August 1, according to minutes of the meeting revealed on Wednesday.

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The Federal Open Market Committee (FOMC) under the central bank is scheduled to hold next meeting from September 25 to 26 with expected hike of interest rate once more.

–IANS

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