The dollar edged lower on Thursday, erasing gains from a day earlier, as market participants looked toward remarks by US Federal Reserve Chair Janet Yellen on the economy and monetary policy in testimony before the Senate Banking Committee.
Russia's ruble hit a five-year low against the dollar on Thursday. The dollar hit a high against the ruble of 36.2670, the highest since late February 2009, as tensions escalated in Ukraine after Russian President Vladimir Putin ordered drills by his armed forces to test combat readiness in western Russia, near the border with Ukraine.
The dollar last traded up 0.32 percent versus the ruble at 36.14. The dollar was also up 5 percent against Ukraine's hryvnia, hitting a record high of 10.6 hryvnia. Market participants also had their eyes on Yellen. The Fed chair's opening comments to the Senate panel, however, were identical to prepared testimony she delivered to a House of Representatives panel earlier this month, Yellen acknowledged US economic data had been largely soft since she last spoke, but said she wasn't certain how much of the weakness was due to cold weather. The dollar was down against the euro, which last traded up 0.18 percent at 1.3711. The dollar was last down 0.18 percent against the yen at 102.16. The dollar was also last down 0.26 percent against the Swiss franc, which traded at 0.88825.
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