US dollar declines ahead of Fed meeting

The US dollar decreased against other major currencies as investors were awaiting the Federal Reserve meeting due to open later this week.

In late New York trading on Monday, the euro rose to $1.1175 from $1.1152 of the previous session, and the British pound increased to $1.3030 from $1.3016, Xinhua news agency reported.

The Australian dollar climbed to $0.7547 from $0.7482.

The dollar bought 101.79 Japanese yen, lower than 102.43 yen in the previous session. The dollar dipped to 0.9800 Swiss francs from 0.9811 Swiss francs, and it inched down to 1.3191 Canadian dollars from 1.3215 Canadian dollars.

The market kept a close eye on the Fed's two-day monetary policy meeting, which is scheduled to begin on Tuesday, for more information about the pace of further interest rate-hikes.

Analysts said the recent over downbeat economic data from the country has boosted bets that the Fed will skip the chance to raise rates in its September.

The dollar index, which measures the greenback against six major currencies, was down 0.26 per cent at 95.859 in late trading.

--IANS

pgh/