US dollar extends losses amid Fed chair Yellen’s remarks

New York, March 31 (IANS) The US dollar continued to drop against most major currencies on Wednesday as Chair Janet Yellen said the Federal Reserve planned to raise interest rates carefully.

Fed Chair Yellen said on Tuesday the US central bank will move cautiously in light of a weak global economy and stubbornly low inflation, Xinhua reported.

“Given the risks to the outlook, I consider it appropriate for the committee to proceed cautiously in adjusting policy,” Yellen said in a speech to the Economic Club of New York on Tuesday.

The dollar index, which measures the greenback against six major peers, was down 0.3 percent at 94.857 in late trading.

In late New York trading, the euro rose to $1.1338 from $1.1298 of the previous session, and the British pound dropped to $1.4383 from $1.4386. The Australian dollar went up to $0.7671 from $0.7637.

The US dollar bought 112.44 Japanese yen, lower than 112.74 yen of the previous session. The US dollar decreased to 0.9634 Swiss franc from 0.9661 Swiss franc and inched down to 1.2966 Canadian dollars from 1.3056 Canadian dollars.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here