NEW YORK, Aug. 26 (Xinhua) — The U.S. dollar strengthened in late buying and selling on Friday after Federal Reserve Chairman Jerome Powell indicated extra rate of interest hikes forward to tame inflation.
The dollar index, which measures the dollar towards six main friends, rose 0.31 p.c to 108.8060.
In late New York buying and selling, the euro decreased to 0.9968 U.S. {dollars} from 0.9973 {dollars} within the earlier session, and the British pound fell to 1.1744 U.S. {dollars} from 1.1828 {dollars} within the earlier session. The Australian dollar decreased to 0.6894 U.S. {dollars} from 0.6978 {dollars}.
The U.S. dollar purchased 137.37 Japanese yen, larger than 136.46 Japanese yen of the earlier session. The U.S. dollar rose to 0.9664 Swiss francs from 0.9635 Swiss francs, and it was as much as 1.3026 Canadian {dollars} from 1.2937 Canadian {dollars}.
In his highly-anticipated speech on Friday on the Fed’s Jackson Hole symposium, Powell reiterated a pledge to forcefully struggle inflation that’s nonetheless operating close to its highest degree in 4 a long time.