Thu, 06 Aug 2020

U.S. dollar rises in volatile trading

Xinhua
01 Aug 2020, 06:30 GMT+10

NEW YORK, July 31 (Xinhua) -- The U.S. dollar climbed in late trading on Friday, trying to recover from its recent hefty losses amid coronavirus uncertainty.

The dollar index, which measures the greenback against six major peers, was up 0.38 percent at 93.3749.

In late New York trading, the euro fell to 1.1782 U.S. dollars from 1.1837 dollars in the previous session, and the British pound was up to 1.3101 dollars from 1.3085 U.S. dollars in the previous session. The Australian dollar was down to 0.7145 U.S. dollar from 0.7175 dollar.

The U.S. dollar bought 105.77 Japanese yen, higher than 104.82 Japanese yen of the previous session. The U.S. dollar was up to 0.9138 Swiss franc from 0.9096 Swiss franc, and it fell to 1.3384 Canadian dollars from 1.3443 Canadian dollars.

For the week, the U.S. dollar index dipped 1.14 percent.

The U.S. currency was under pressure as a soaring number of coronavirus infections in the country coupled with a slew of grim economic data led to doubts about a quick recovery of the U.S. economy, experts noted.

As of Friday afternoon, more than 4.5 million confirmed COVID-19 cases have been reported in the United States, with nearly 153,000 deaths, according to a tally by Johns Hopkins University.

The United States has suffered its worst economic decline on record as the nation's gross domestic product plunged by 32.9 percent in the second quarter amid mounting COVID-19 fallout, the U.S. Commerce Department reported Thursday.

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