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Business

US dollar rises against British pound

New York, Oct 15 

The US dollar rose against the British pound as investors closely monitored Brexit development.

Analysts said the British pound started to drop after Britain and the European Union (EU) said over the weekend that there was a long way to go before they could agree a Brexit deal, Xinhua news agency reported on Monday.

Britain is scheduled to leave the EU on October 31, and an EU summit to start on Thursday is seen as the last chance for the two sides to agree any deal before that deadline.

The dollar index, which measures the greenback against six major peers, rose 0.14 per cent at 98.4490 in late trading.

In late New York trading, the euro decreased to 1.1031 dollars from 1.1041 dollars in the previous session, and the British pound fell to 1.2576 dollars from 1.2659 dollars in the previous session.