US dollar weakens amid risk-off sentiment

New York, March 10 (IANS) The US dollar lost strength on Monday against traditional safe-haven currencies like Japanese yen and Swiss franc as investors' risk appetite diminished amid oil shock.

The dollar index, which measures the greenback against six major peers, fell 1.09 per cent at 94.9143 in late trading, Xinhua reported.

In late New York trading, the euro increased to $1.1458 from $1.1314 in the previous session, and the British pound was up to $1.3110 from $1.3013 in the previous session. The Australian dollar decreased to $0.6595 from $0.6639.

The US dollar bought 102.15 Japanese yen, lower than 105.23 Japanese yen of the previous session. The US dollar fell to 0.9239 Swiss franc from 0.9368 Swiss franc, and it was up to 1.3629 Canadian dollars from 1.3423 Canadian dollars.

Oil prices collapsed on Monday after Saudi Arabia slashed its official oil prices and signalled a significant production boost.