NEW YORK (MarketWatch) — The U.S. dollar on Tuesday enjoyed its biggest one-day advance since August against a basket of rival currencies after a rate hike by China fueled worries that the world’s fastest-growing economy could restrain global growth.
The greenback got an earlier lift from Treasury Secretary Timothy Geithner’s pledge that Washington won’t devalue the currency. The dollar index /quotes/comstock/11j!i:dxy0 (DXY 78.22, +1.29, +1.67%) , a measure of the U.S. currency unit against a basket of major global currencies, rose to 78.041 from 76.922 in North American trading late Monday. It touched 78.276 at its best level, having advanced 1.8% — the biggest upward move since Aug. 11, according to FactSet Research.
