WASHINGTON (dpa-AFX) - The U.S. dollar gained against its major counterparts on Wednesday as an escalation in Ukraine - Russia tensions pushed up the demand for the safe-haven currency.
Also, despite imminent prospects of more interest rate cuts by the Federal Reserve, analysts are of the view that the central bank will be less aggressive with regard to the size of reduction and the frequency of cuts as well.
The dollar index climbed to 106.92 eased to 106.67 later on, but still remained firmly placed above the flat line, gaining about 0.43%.
Against the Euro, the dollar firmed to 1.0546 from 1.0597. Against Pound Sterling, the dollar strengthened to 1.2653, gaining from 1.2681.
The dollar moved up sharply against the Japanese currency, fetching 154.44 yen a unit, up from previous close of 154.66 yen. Against Swiss franc, the dollar strengthened to 0.6506 from 0.6532 a unit of the Australian currency.
The Swiss franc weakened slightly to 0.8841 against a unit of the dollar, while the Loonie eased to 1.3877 a unit of the greenback.
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