US dollar retreats amid Trump's inauguration

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US Dollar slumps
US Dollar slumps

Los Angeles : The US dollar fell against other major currencies on Friday as investors pondered over President Donald Trump's inauguration speech.

The dollar index, which measures the greenback against six major peers, decreased 0.37 per cent at 100.78 in late trading on Friday.

In late New York trading, the euro fell to 1.0656 dollars from 1.0662 dollars in the previous session, and the British pound climbed to 1.2335 dollars from 1.2282 US dollars in the previous session. The Australian dollar increased to 0.7554 dollar from 0.7533 dollar.

The US dollar bought 114.83 Japanese yen, lower than 113.67 yen of the previous session. The US dollar gained to 1.0075 Swiss francs from 1.0047 Swiss francs, and it moved up to 1.3323 Canadian dollars from 1.3244 Canadian dollars.

Trump was sworn in on Friday as the 45th President of the United States. In his inauguration address, Trump pledged to put "America first", reigniting some worries of protectionist policies. But he did not touch on specific economic or trade policies, Xinhua news agency reported.

"From this day forward, a new vision will govern our land. From this day forward, it's going to be only America first, America first," Trump said.

He said the new administration will rebuild infrastructures of the country by following "two simple rules: buy American and hire American".

There is no major economic report due out on Friday.