WASHINGTON (dpa-AFX) - The value of the U.S. dollar has moved to the upside during trading on Monday, extending the upward move seen last Friday. Currently, the U.S. dollar index is trading at 96.34, up 0.26 points or 0.3 percent.
The greenback is trading at 115.47 yen versus the 115.56 yen it fetched at the close of New York trading on Friday. Against the euro, the dollar is trading at $1.1298 compared to last Friday's $1.1350.
The increase in the value of the dollar comes as traders see the currency as a safe haven amid concerns regarding the tensions between Ukraine and Russia.
President Joe Biden spoke with Russian President Vladimir Putin over the weekend, with a senior administration official describing the call as 'professional and substantive' but noting there was 'no fundamental change in the dynamic that has been unfolding now for several weeks.'
'We believe that we have put ideas on the table that would be in our and our allies' interest to pursue, that would enhance European security, and that would also address some of Russia's stated concerns,' the official said in a call with reporters.
The official added, 'But it remains unclear whether Russia is interested in pursuing its goals diplomatically as opposed to through the use of force.'
Russian Foreign Minister Sergey Lavrov told Putin in remarks aired on Russian state television on Monday that 'there is always a chance' that diplomacy could still work.
Traders also remained wary about the outlook for monetary policy following mixed remarks by Federal Reserve officials.
While St. Louis Fed President James Bullard told CNBC he favors front-loading planned interest rate increases, San Francisco Fed President Mary Daly told CBS' 'Face The Nation' she prefers a measured pace of rate hikes.
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