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US dollar dips in volatile trading

New York, May 1 (IANS) The US dollar extended losses in volatile trading on Thursday as market participants rebalanced their portfolios and continued to digest the Federal Reserve's policy update.

The dollar index, which measures the greenback against six major peers, slipped 0.55 per cent at 99.0248 in late trading.

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In late New York trading, the euro rose to $1.0951 from $1.0870 in the previous session, and the British pound rose to $1.2599 from $1.2450 in the previous session. The Australian dollar decreased to $0.6523 from $0.6540, Xinhua reported.

The US dollar bought 107.20 Japanese yen, higher than 106.59 Japanese yen of the previous session. The US dollar decreased to 0.9655 Swiss franc from 0.9755 Swiss franc, and it rose to 1.3922 Canadian dollars from 1.3898 Canadian dollars.

The greenback has been under pressure recently as global central banks' mounting efforts to offset the COVID-19 fallout and hopes for reopening economies helped boost risk appetite, reducing demand for the safe haven currency.

The US Federal Reserve on Wednesday decided to maintain its benchmark interest rate at the record-low level of near zero and pledged to continue taking aggressive action to support the economy.

–IANS

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