US dollar rises amid G7 summit

Washington, June 9 (IANS) The US dollar climbed on Friday after a four-day losing streak as investors became cautious amid what is expected to be a contentious Group of Seven (G7) summit.

Investors concerned over the tensions between the United States and its key trading partners. The G7 summit is set to be held in Canada from Friday to Saturday, during which trade is expected to top the agenda, Xinhua reported.

Safe-haven currency Japanese yen increased 0.2 per cent against the US dollar in late trading on Friday. The dollar index, which measures the greenback against six major peers, increased 0.14 per cent at 93.567 in late trading.

The greenback had been under pressure in the previous four sessions, as the euro rallied following news that the European Central bank may unwind its bond-purchasing program in the upcoming June 14 meeting.

The shared currency jumped over 1 per cent for the week and was set to post its biggest weekly gain since mid-February.

In late New York trading, the euro decreased to 1.1768 dollars from 1.1808 dollars in the previous session, and the British pound was down to 1.3416 dollars from 1.3426 US dollars in the previous session. The Australian dollar fell to 0.7600 dollar from 0.7620 dollar.

The US dollar bought 109.47 Japanese yen, lower than 109.73 Japanese yen of the previous session. The US dollar was up to 0.9852 Swiss franc from 0.9803 Swiss franc, and it fell to 1.2937 Canadian dollars from 1.2979 Canadian dollars.

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