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US dollar advances on continuous rise of inflation
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IANS | 25 Nov, 2021
The US dollar gained ground against most of a basket of currencies in
late trading amid rising inflation pressure and expectation of an
earlier hike of interest rate by the Federal Reserve.
The dollar
index, which measures the greenback against six major peers, rose 0.39
per cent at 96.8639 in late trading on Wednesday.
US personal
consumption expenditure price index in October grew 0.6 per cent month
on month, higher than 0.4 per cent of expansion in the previous month,
according to the data issued by the US Department of Commerce on
Wednesday morning.
The index posted year-on-year growth of 5 per
cent in October, up from 4.4 per cent in September, according to the US
Department of Commerce.
The Federal Reserve is expected to raise
benchmark interest rates as early as mid-2022 with some calling for
faster tapering of the bond purchasing programme, Xinhua news agency
reported.
San Francisco Fed President Mary Daly on Wednesday
said she certainly sees a case to be made for speeding up the tapering
of Fed's bond purchasing programme.
"If things continue to do
what they have been doing, then I would completely support an
accelerated pace of tapering," said Daly in an interview with Yahoo
Finance.
The Fed has as much as 91.2 per cent probability of
raising benchmark interest rate by at least 25 basis points by the
scheduled meeting of the Federal Open Market Committee on June 15, 2022,
according to the FedWatch Tool on the website of CME Group.
The
probability for at least 25 basis points of interest rate hike by then
stood at 73.5 per cent a day ago, according to the FedWatch Tool.
In
late New York trading, the euro fell to $1.1199 from $1.1250 in the
previous session, and the British pound fell to $1.3323 from $1.3381 in
the previous session. The Australian dollar fell to $0.7192 from
$0.7223.
The US dollar bought 115.43 Japanese yen, higher than
115.06 Japanese yen of the previous session. The US dollar was up to
0.9341 Swiss franc from 0.9332 Swiss franc, and it fell to 1.2671
Canadian dollars from 1.2682 Canadian dollars.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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