Dollar Rises as China Sticks to Strict COVID Policy

Singapore, November 07 (QNA) – The dollar rose on Monday as sentiment soured after China said it is sticking with its strict COVID restrictions, quashing hopes of an imminent reopening in the world’s second-largest economy which had earlier fired a broad rally in riskier assets.

The dollar gained 0.55% on the Chinese offshore yuan to 7.2141, while the risk-sensitive Australian and New Zealand dollars were also among the biggest losers, both falling nearly 1% in early Asia trade.

The Aussie was last down 0.7% at $0.6426, while the kiwi fell 0.6% to $0.5893.

Elsewhere, sterling edged 0.3% lower to $1.1340, while the euro slipped 0.1% to $0.9949, erasing some of their roughly 2% jump on Friday.

Against the Japanese yen, the dollar was up 0.32% at 147.14. (QNA)