Dollar hits 4-week high with focus on Fed meeting

The US dollar rose against its peers on Monday, and hit a 4-week high thanks to high demand amid growing concerns over the Chinese economy following the debt crisis of the company Evergrande, ahead of the US Federal Reserve's meeting this week.

The dollar index rose more than 0.2% to the highest since August 23 at 93.45 points, after opening at 93.24 points, and hit a low of 93.20 points.

The US dollar index gained 0.4% on Friday, as investors focused on the greenback.

The dollar index gained 0.7% last week, the second straight weekly gain, after US retail sales data boosted chances for the near tightening of the US monetary policy.

The US dollar is lifted this week due to growing concerns over the debt crisis of the Chinese company Evergrande, which led to doubts about the Chinese real estate and credit markets.

Investors are also focused on the US dollar as the best investment following increased bets on policy tightening in the US before the end of the year. 

The Fed will convene tomorrow to decide on monetary policy and provide clarity over the future of monetary policy in the US, amid expectations to keep the interest rate unchanged and to start cutting its asset purchase program.