Dollar keeps losses despite Yellen's statements

The US dollar fell against most of its major rivals on Tuesday, despite US President-elect Joe Biden’s nominee for Treasury Secretary Janet Yellen's statements.

Yellen stated during her Senate hearing urged lawmakers to continue support for small businesses and the unemployed to boost the US economy's recovery from the coronavirus repercussions.

Yellen added that President Joe Biden's administration would not aim to weaken the US dollar against other currencies to support exports.

President-elect Joe Biden will be inaugurated tomorrow amid intense security measures and while the outgoing President Donald Trump will not show up.

The US security services deployed around 25,000 National Guard troops, which is unprecedented, to secure Biden’s inauguration.

The dollar index fell against a basket of major currencies by 0.3% to 90.5 points as of 18:16 GMT, after hitting a high of 90.7 and a low of 90.4 points.