Tue, 27 Oct 2020

U.S. dollar dips as stocks rally

29 Sep 2020, 05:51 GMT+10

NEW YORK, Sept. 28 (Xinhua) -- The U.S. dollar weakened in late trading on Monday as risk appetite returned to the market amid rallying stocks, subduing demand for the safe-haven currency.

The dollar index, which measures the greenback against six major peers, was down 0.39 percent at 94.2730.

In late New York trading, the euro increased to 1.1664 U.S. dollars from 1.1622 dollars in the previous session, and the British pound increased to 1.2837 dollars from 1.2730 U.S. dollars in the previous session. The Australian dollar increased to 0.7070 U.S. dollar from 0.7024 dollar.

The U.S. dollar bought 105.52 Japanese yen, lower than 105.60 Japanese yen of the previous session. The U.S. dollar fell to 0.9245 Swiss franc from 0.9288 Swiss franc, and it decreased to 1.3371 Canadian dollars from 1.3395 Canadian dollars.

The market movements came as equities rallied after weeks of downbeat performances. Wall Street's major averages traded sharply higher on Monday with the Dow jumping more than 400 points in the afternoon session.

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