The dollar did gain some support after Republicans proposed $75.5 billion in budget cuts over two years.

The dollar gained against the British pound, which cost $1.6585 late in the day, compared with $1.6630.

The dollar mostly gained ground in light but volatile trading.

The dollar has also gained against other major currencies, including the German mark.

Stock prices rose, and the dollar gained on the euro.

The dollar, however, did gain against the British pound, which fell to $1.5753 from $1.5820.

The dollar also gained against the British pound as sterling fell to $1.7205 from $1.7284.

So far this year, the dollar has gained 12.2 percent against the euro.

"The dollar can gain some ground without damaging the world's economies."

The dollar gained against the pound, which fell to $1.5685, from $1.5695.