U.S. dollar rises on rate-hike expectation

The U.S. dollar climbed against other major currencies Monday as investors' expectation for the Federal Reserve to raise interest rates later this year continued to weigh on the market.

Last week, Fed Chair Janet Yellen stressed during her Congressional testimony that U.S. interest rates will go up later this year if the economy keeps expanding.

St. Louis Fed chief James Bullard said in an interview Monday there was a higher than 50 percent chance that the central bank will lift rates in September.

The dollar index, which measures the greenback against six major peers, registered the biggest weekly gain in two months last week, was up 0.20 percent at 97.863 in late trading Monday.

Investors were also paying close attention to the situation in Greece. Greek banks reopened Monday after a three-week holiday, introduced to avert a collapse of the country's banking system amid fears of an imminent sovereign debt default and the so-called "Grexit" from the eurozone.

Meanwhile, the International Monetary Fund said Greece has repaid the totality of its arrears to the organization, equivalent to around 2 billion euro. Greece is therefore no longer in arrears to the IMF.

In late New York trading, the euro fell to 1.0824 dollars from 1.0851 dollars in the previous session, and the British pound dipped to 1.5560 dollars from 1.5609 U.S. dollars in the previous session. The Australian dollar slipped to 0.7370 dollar from 0. 7378 dollar.

The U.S. dollar bought 124.30 Japanese yen, higher than 124.09 yen of the previous session. The U.S. dollar climbed to 0.9646 Swiss franc from 0.9611 Swiss franc and increased to 1.2997 Canadian dollars from 1.2987 Canadian dollars. Endite