Dollar index holds around 99 mark; set for weekly gain of 1.5%

The dollar index continues to oscillate on either side of 99 mark on Friday with a downward bias after the index witnessed considerable gains earlier in the week. Dollar firmed this week on inflation concerns as Middle East tensions aggravated inflation concerns. Moreover, recent US data also signaled strong economic momentum, with lower jobless claims, stronger productivity, fewer job cuts, and faster-than-expected services sector growth. The dollar index that measures the greenback against a basket of currencies is quoting at 99.01, down 0.29% on the day. For the week, the index is up arund 1.5%. Among basket currencies, EUR/USD and GBP/USD added 0.33% and are trading at $1.1615 and $1.3361 respectively.

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