US dollar climbs as Fed meeting begins

US dollar climbs as Fed meeting begins

New York: The US dollar rose against most major currencies as the Federal Reserve kicked off its two-day policy meeting.

In late New York trading on Tuesday, the euro fell to $1.1739 from $1.1792, and the British pound dropped to $1.3315 from $1.3348, Xinhua news agency reported.

The Australian dollar increased to $0.7560 from $0.7535.

The US dollar bought 113.55 Japanese yen, higher than 113.47 yen of the previous session. The US dollar climbed to 0.9920 Swiss franc from 0.9907 Swiss franc, and it edged up to 1.2875 Canadian dollars from 1.2847 Canadian dollars.

Investors kept a close eye on the Fed’s policy meeting, with an updated policy statement set to be released after the conclusion of the meeting on Wednesday.

Following the release, Fed Chair Janet Yellen will hold her last news conference as the central bank chief.

The Fed is widely expected to deliver its third interest-rate hike in 2017. According to the CME Group’s FedWatch tool, market expectations for a Fed rate hike in December stood at 100 per cent.

The dollar index, which measures the greenback against six major peers, was up 0.26 percent at 94.109 in late trading.