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The U.S. dollar firmed against most of its major rivals on Monday, as concerns over rising inflationary pressures lifted the demand for the safe-have currency.

Although the Federal Reserve Chairman Jerome Powell had commented on Friday that the central bank will hold off on raising rates for now, the prospects of a tighter monetary policy in the near futures pushed up the dollar.

Traders were also making their moves, with the upcoming monetary policy meetings of the Bank of Japan and the European Central Bank in focus.

The dollar index, which rose to 93.96, pared some gains subsequently and is at 93.83, up 0.2% from the previous close.

Against the Euro, the dollar firmed to 1.1611, gaining from 1.1647.

Against Pound Sterling, the dollar dropped a bit to 1.3766, posting a marginal loss.

The Yen weakened to 113.73 a dollar, easing from 113.50.

Against the Aussie, the dollar weakened to 0.7495 from 0.7466.

The Swiss franc slid to 0.9198 a dollar from 0.9162.

The Loonie weakened to 1.2386 a dollar, after having firmed to 1.2339 earlier in the day.


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