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$US reverses losses as risk sentiment improves

IANS | November 30, 2021 08:34 AM

NEW YORK: The US dollar rose in late trading as investors' concern over Covid-19 variant Omicron recedes.The dollar index, which measures the greenback against six major peers, rose 0.30 per cent at 96.3315 in late trading, Xinhua news agency reported.

US President Joe Biden on Monday said, "Sooner or later, we're going to see cases of this new variant in the US. This variant is a cause for concern, not a cause for panic."

Biden added that vaccines remain the best protection and "in the event updated vaccinations or boosters are needed against the new variant, we will accelerate their development with every tool."

The yield of US 10-year Treasury bond moved up 2.05 basis points closing at 1.5 per cent on Monday.

"There is a sense of relief in today's mood as Sunday programming and other news explained the Omicron variant was 'mild' and likely not to force major lockdowns or inactivity, " said a note by foreign exchange and international payment solutions provider Tempus, Inc. on Monday.

In late New York trading, the euro fell to $1.1274 from $1.1313 in the previous session, and the British pound fell to $1.3293 from $1.3335 in the previous session. The Australian dollar increased to $0.7129 from $0.7118.

The $US bought 113.71 Japanese yen, higher than 113.13 Japanese yen of the previous session. The $US was up to 0.9245 Swiss franc from 0.9217 Swiss franc, and it decreased to 1.2769 Canadian dollars from 1.2783 Canadian dollars.

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