US dollar declines amid rising sterling, euro

Last Updated: Tue, Oct 29, 2019 12:29 hrs
US Dollars (Image Courtesy: Shutterstock)

New York: The US dollar retreated amid the rising British pound and euro, as investors cheered the news that the European Union's 27 member states have agreed that they will accept Britain's request for a Brexit extension until January 31, 2020.

The announcement was made following a meeting of ambassadors of the 27 member states earlier on Monday. The official decision is expected to be formalized in the next two days.

In the upcoming extension period, the UK will have to appoint a European commissioner as it remains a member of the European Union until the new withdrawal date, with full rights and obligations.

In late New York trading on Monday, the euro rose to $1.1097 from $1.1080 in the previous session, and the British pound increased to $1.2855 from $1.2829 in the previous session, Xinhua reported.

The Australian dollar increased to $0.6837 from $0.6820.

The US dollar bought 109.01 Japanese yen, higher than 108.68 Japanese yen of the previous session. The US dollar was up to 0.9948 Swiss franc from 0.9941 Swiss franc, and it decreased to 1.3054 Canadian dollars from 1.3061 Canadian dollars.

The dollar index, which measures the greenback against six major peers, decreased 0.07 per cent at 97.7638 in late trading.