The dollar rose against most major currencies on Friday as risk appetite in foreign exchange market was still under heavy pressure.
Wall Street ended 1.5 percent lower on Friday, a relatively modest loss compared to huge losses in previous sessions and a slide of nearly 700 points in mid-day trading of Friday.
President George W. Bush said Friday the financial rescue plan was aggressive enough and big enough to work. He urged Americans to resist of "uncertainty and fear" in the economic crisis and assured them his administration is working to solve the problem.
Risk aversion still dominated foreign exchange markets, boosting the U.S. dollar and the yen as safe haven currencies. Investors were looking at a meeting of the Group of Seven finance ministers over the weekend. The dollar and the yen could go higher if the meeting could not restore market confidence, analysts said.
The euro bought 1.3308 dollars in late New York trading compared with 1.3661 dollars it bought late Thursday. The British pound fell to 1.6903 dollars from 1.7197 dollars.
The dollar rose to 1.1361 Swiss francs from 1.1296 Swiss francs, and fell to 100.15 Japanese yen from 100.48 Japanese yen. It rose to 1.2016 Canadian dollars from 1.1439 Canadian dollars.
Source: Xinhua
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