Financials News

US dollar rises after sharp loss

US dollar rises after sharp loss
U.S. one-hundred dollar bills are seen in this photo illustration at a bank in Seoul August 2, 2013. Picture taken August 2, 2013. South Korea's foreign reserves jumped to a record high in July, the central bank said on August 5, 2013, appearing to support traders' suspicions of dollar-buying intervention by currency authorities last month. The reserves stood at $329.71 billion at the end of July, up $3.27 billion from June, the Bank of Korea said in a statement, attributing the rise to management gains and the appreciation of the euro in July, which the Bank of Korea said was up 1.8 percent against the dollar last month. REUTERS/Kim Hong-Ji (SOUTH KOREA - Tags: BUSINESS)

New York: The US dollar increased against other major currencies after declining for two consecutive sessions on the Federal Reserve statement.

In late New York trading on Friday, the euro fell to $1.1270 from $1.1318 of the previous session, and the British pound dropped to $1.4480 from $1.4486.

The Australian dollar went down to $0.7602 from $0.7651.

The dollar bought 111.57 Japanese yen, higher than 111.43 yen of the previous session.

The dollar increased to 0.9692 Swiss francs from 0.9672 Swiss francs, and it inched up to 1.3020 Canadian dollars from 1.2996 Canadian dollars.

In a statement released after the Fed’s two-day monetary policy meeting on Wednesday, Fed officials decided to maintain the target range for the federal funds rate at 0.25 to 0.5 percent, noting that “global economic and financial developments continue to pose risks” to the US economy.

The dollar index, which measures the greenback against six major peers, was down 0.83 percent and 1.17 percent in late trading on Wednesday and Thursday respectively.

The greenback recovered on Friday with the dollar index gaining 0.32 percent at 95.065 in late trading.