US dollar falls

New York, Nov 25 (IANS) The US dollar decreased against most major currencies as investors were seeking safe-haven assets due to the rising tensions between Russia and Turkey, shrugging off the upbeat economic growth report from the country.

In the late New York trading, the euro rose to $1.0650 from $1.0623 in the previous session, and the British pound dropped to $1.5087 from $1.5119 in the previous session, Xinhua reported.

The Australian dollar climbed to $0.7246 from $0.7186, Xinhua reported.

The US dollar bought 122.46 Japanese yen, lower than 122.81 yen of the previous session. The US dollar fell to 1.0152 Swiss franc from 1.0193 Swiss franc and went down to 1.3296 Canadian dollars from 1.3374 Canadian dollars.

The US dollar declined against safe-haven currencies including Japanese yen and Swiss franc as concerns over the Middle East situation accumulated after a Russian fighter plane was shot down by Turkish forces near the Syrian border on Tuesday.

The greenback was further under pressure as a letter released Monday showed that Federal Reserve chair Janet Yellen said she expected to tighten monetary policy “gradually” after lift-off.

The dollar index, which measures the greenback against six major peers,was down 0.17 percent at 99.632 in the late trading.

On the economic front, US Commerce Department reported on Tuesday that the country’s real gross domestic product (GDP) grew at an annual rate of 2.1 percent in the third quarter, in line with market expectations. The latest reading was the agency’s second estimate for the GDP growth in the third quarter, compared to a 1.5-percent advance estimate.

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