Dollar rallies for second straight session

The US dollar rallied against most of its counterparts on Monday, extending its gains for the second straight day thanks to safe-haven demand.

The dollar continues its bullish trend amid anticipation for any monetary policy moves by the US Congress, despite the recent Fed meeting ruling out any rate hikes ahead of the end of 2023.

Governor of the Federal Reserve Bank of Dallas Robert Kaplan said that the bank may raise interest rates if inflation reached lower levels.

It's noteworthy that the US Federal Reserve announced last Wednesday keeping the interest unchanged between zero and 0.25%.

Fed Chair Jerome Powell pledged taking all the necessary tools and measures until the economy recovers and returns to its growth path.

The dollar index rose against a basket of currencies by 0.7% to 93.5 points as of 20:33 GMT, after it hit a high of 93.7 and a low of 92.7.