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Dollar rebounds as oil prices drop sharply

(Xinhua)
Updated: 2008-08-23 10:13

The dollar rose against major currencies on Friday as oil prices fell more than $6, the biggest one-day percentage plunge in nearly four years.

Russia said on Friday that it had completed a pullout of troops from Georgia. The claim eased some worries about escalating US-Russia tensions, sending crude oil prices down.

Light, sweet crude for October delivery fell $6.59, or 5.43 percent, to settle at $114.59 a barrel on the New York Mercantile Exchange.

The dollar was also helped by a report showing the British economy unexpectedly halted in the second quarter. Gross domestic product (GDP) in Britain was flat when compared with the previous quarter, according to revised official data. It was the weakest GDP quarterly growth since the second quarter of 1992.

The euro bought $1.4775 in late New York trading compared with $1.4877 it bought late Thursday. The British pound fell to $1.8519 from $1.8751.

The dollar rose to 110.03 Japanese yen from 108.65 Japanese yen, and rose to 1.0479 Canadian dollars from 1.0456 Canadian dollars.