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NEW YORK (AP) - The dollar advanced Tuesday, as sentiment for the U.S. currency improved following comments from Federal Reserve Chairman Ben Bernanke and a report which showed more underlying U.S. inflation pressure.
The dollar rose to 117.10 yen in late trading Tuesday from 116.21 late Monday; 1.3005 Swiss francs from 1.2909; and 1.1628 Canadian dollars from 1.1610. The euro fell to $1.2098 from $1.2164, and the British pound dropped to $1.7477 from $1.7561.
The dollar initially rose after a Monday evening speech by Bernanke, who left open the possibility of future rate hikes. The U.S. currency briefly dipped early Tuesday on news that the producer price index for February posted a larger than expected drop, but then rebounded as the market factored that the core rate, which excludes volatile food and energy prices, rose more than expected.
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