US dollar rises

New York, Aug 29 (IANS) The US dollar climbed against most major currencies on Friday as the country’s overall strong economic data pointed to a possible interest-rate hike later this year.

The Commerce Department reported Friday that in July, US personal income increased 0.4 percent, and disposable personal income rose 0.5 percent, Xinhua reported.

Meanwhile, personal consumption expenditures gained 0.3 percent after an upwardly revised 0.3 percent rise in the previous month.

The upbeat consumer spending data added to the robust GDP report released on Thursday, underpinning the central bank’s potential decision to raise interest rate by year-end.

The US Commerce Department on Thursday revised up its estimate for the real gross domestic product (GDP) in the second quarter from a growth rate of 2.3 percent to 3.7 percent, much higher than a growth of 0.6 percent in the first quarter.

The dollar index, which measures the greenback against six major peers, was up 0.52 percent at 96.111 on Friday in late trading.

In late New York trading, the euro fell to $1.1179 from $1.1257 in the previous session, and the British pound dropped to $1.5391 from $1.5425 in the previous session.

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