US dollar climbs, extends recovery from 3-year low

New York

THE dollar edged higher against a basket of major currencies on Friday, extending its recovery from a three-year low last week, as the potential for a more aggressive US Federal Reserve prompted investors to pare bearish bets against the greenback.

The dollar index, which measures the greenback against a basket of six other major currencies, was up 0.12 per cent at 89.847. The index hit a three-year low of 88.253 on Feb 16. "You have seen sentiment around the dollar shift," said Charles Tomes, senior investment analyst and trader at Manulife Asset Management in Boston.