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Dollar Advances as Fed Minutes Show Broad Support for Tapering

The dollar advanced as minutes of the Federal Reserve’s last meeting showed officials were “broadly comfortable” with a plan to start reducing bond buying later this year if the economy improves.

The U.S. currency rose earlier as sales of previously owned U.S. homes climbed in July to the fastest pace since November 2009. Indonesia’s rupiah slumped to a four-year low and India’s rupee fell to a record as emerging-market assets declined on concern a paring of stimulus under the Fed’s quantitative-easing strategy would intensify outflows from the currencies. The Canadian dollar dropped to a six-week low as the tender of commodities-exporting nations dropped.