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U.S. dollar rallies on Fed officials' comments

Xinhua, October 5, 2016 Adjust font size:

The U.S. dollar climbed against other major currencies on Tuesday on Federal Reserve officials' hawkish remarks on raising interest rates.

Richmond Fed President Jeffrey Lacker, a non-voting member of the Fed's policymaking committee, said on Tuesday that there was a strong case to raise interest rates and that borrowing costs might need to rise significantly to keep inflation under control.

Cleveland Fed President Loretta Mester said on Monday that the U.S. central bank should not delay raising rates.

Analysts said officials' comments bolstered market speculation for a rate-hike by year-end.

The dollar index, which measures the greenback against six major currencies, was up 0.46 percent at 96.137 in late trading.

In late New York trading, the euro fell to 1.1201 dollars from 1.1217 dollars, and the British pound declined to 1.2739 dollars from 1.2859 dollars. The Australian dollar decreased to 0.7621 dollars from 0.7674 dollars.

The dollar bought 102.82 Japanese yen, higher than 101.57 yen in the previous session. The dollar inched up to 0.9798 Swiss francs from 0.9733 Swiss francs, and it rose to 1.3197 Canadian dollars from 1.3117 Canadian dollars. Enditem