NEW YORK, April 23 — The dollar edged higher yesterday, adding to the previous session’s gains, as safe-haven currencies remained largely well supported even as markets began to stabilize and oil prices recovered from another slump.

The US Dollar Currency Index, which measures the greenback’s strength against six other major currencies, was 0.19 per cent higher at 100.39. The index hit a two-week high of 100.50 earlier in the session.

Brent crude oil rebounded from two days of losses and US futures surged yesterday, bolstered by tentative talk of additional supply cuts from Opec producers and US inventory builds that were less dire than some expected.

US crude oil futures turned negative on Monday for the first time in history, as a supply glut and lack of storage forced desperate traders to pay to get rid of oil.

Yesterday, most currencies traded in relatively narrow ranges against a backdrop of steadying stock markets.

“The focus is really on two things: what politicians and governments are doing dealing with the virus, and more importantly people are talking about the lockdown and the reopenings by state,” Anderson said.

The US House of Representatives will pass Congress’ latest coronavirus aid bill today, House Speaker Nancy Pelosi said, paving the way for nearly US$500 billion (RM2.18 trillion) more in economic relief amid the pandemic.

President Donald Trump said yesterday that US states are safely starting to reopen businesses, even as some public health officials warned that relaxing restrictions too quickly could trigger a new surge in cases of the coronavirus.

The dollar was about flat against the Japanese yen. The yen climbed rose about 0.4 per cent against the euro.

A rebound in oil prices after the recent sharp drops helped ease the strain on commodity-linked currencies. The dollar was 0.15 per cent lower against its Canadian counterpart.

The Norwegian crown remained weak yesterday, hitting a fresh near four-week low against the greenback.

The euro was range-bound before an EU meeting tomorrow to discuss financial aid in the euro zone. It was last down 0.3 per cent against the dollar..

The Australian dollar was up 0.67 per cent after a record surge in retail sales last month, spurred by panic buying.

Sterling recovered yesterday, as some traders bought back the currency that had slipped to a two-week low the day before during a flight to financial safe havens after oil prices crashed. — Reuters