US dollar falls amid trade worries

The US dollar index declined against most other major currencies as investors assessed trade tensions between China and the US.

In late New York trading on Wednesday, the euro increased to $1.2281 from $1.2268 in the previous session, and the British pound rose to $1.4074 from $1.4056 in the previous session, Xinhua news agency reported.

The Australian dollar was up to $0.7707 from $0.7680.

The US dollar bought 106.74 Japanese yen, higher than 106.58 Japanese yen of the previous session. The US dollar gained to 0.9605 Swiss franc from 0.9592 Swiss franc, and it fell to 1.2791 Canadian dollars from 1.2811 Canadian dollars.

China on Wednesday unveiled a list of products worth $50 billion imported from the US that will be subject to higher tariffs, including soy bean, automobiles and chemical products.

The move was taken after the US administration announced a proposed list of products subject to additional tariffs, which covers Chinese exports worth $50 billion with a suggested tariff rate of 25 per cent.

The date of implementation will depend on when the US government imposes the tariffs on Chinese products, the Ministry of Finance said.

The dollar index, which measures the greenback against six major peers, decreased 0.07 per cent at 90.139 in late trading.

--IANS

pgh/