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Dollar nears eight-month high

24 October 2016 09:45 (UTC +04:00)

Baku. Yegane Lachinzade - APA-Economics. Exchange rate of dollar renewed the eight-month high. APA-Economics reports that this was caused by increase of probabilities on rise of interest rates by the Federal Reserve System.

Exchange rate of dollar rose 0.1% to 98.718, which is quite close to 98.846 recorded in February 2016.

John Williams, President and Chief Executive Officer of the Federal Reserve Bank of San Francisco said last Friday that this year is appropriate for tightening of monetary policy. Stanley Fischer, vice chair of the U.S. Federal Reserve System and William C. Dudley, the president of Federal Reserve Bank of New York also agreed with him.

According to survey, probability of increase of interest rate in December reached 70%.