U.S. dollar rises on Fed comments

Federal Reserve Bank of Chicago President Charles Evans said Monday that the U.S. economic fundamentals are solid and growth should accelerate to around 2.5 percent for the rest of this year, adding that the unemployment rate will likely fall to 4.75 percent.

He also indicated that the Fed's current "wait-and-see" approach to policy is appropriate.

"Continued patience in the monetary policy response is appropriate to ensure that economic growth remains on track, the labor market continues to strengthen, wages begin to rise further, and that all of this supports a continued increase in currently low inflation back up to our two percent objective," Evans said.

The dollar index, which measures the greenback against six major currencies, rose 0.27 percent to 94.141 in late trading.

In late New York trading, the euro fell to 1.1388 U.S. dollars from 1.1394 U.S. dollars in the previous session, and the British pound decreased to 1.4407 U.S. dollars from 1.4418 U.S. dollars. The Australian dollar dropped to 0.7317 U.S. dollar from 0.7361 U.S. dollar.

The U.S. dollar bought 108.45 Japanese yen, higher than 107.12 yen of the previous session. The U.S. dollar decreased to 0.9709 Swiss franc from 0.9720 Swiss franc, and it was up slightly to 1.2976 Canadian dollars from 1.2938 Canadian dollars, Xinhua reported.

Editor: Adicah Nugrahani