US dollar rises, Oil prices drop

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New York, Aug 27 (IANS) The US dollar climbed against most major currencies as positive economic data from the country renewed market expectation for an interest-rate hike this year. In late New York trading on Wednesday, the euro fell to 1.1345 dollars from 1.1423 dollars in the previous session, while the dollar bought 119.50 Japanese yen, lower than 119.79 yen of the previous session, Xinhua reported.

On the other hand, Oil prices tumbled on despite the fact that government report showed that US crude stockpiles of last week decreased. The West Texas Intermediate for October delivery moved down 71 cents to settle at $38.6 a barrel on the New York Mercantile Exchange, while Brent crude for September delivery decreased 7 cents to close $43.14 dollars a barrel on the London ICE Future Exchange.