Singapore, May 12 (QNA) - The US dollar held its ground on Tuesday as talks to end the war in the Middle East showed no signs of progress, pushing oil prices higher and worrying investors that interest rates may need to stay higher to tackle inflationary pressures.

The euro last bought $1.1775, while sterling was at $1.3602.

The dollar index, which measures the US currency against six others, was at 97.98.

The Japanese yen was last at 157.30 per US dollar.

The Australian dollar was 0.14% lower at $0.724 ahead of the federal budget release, while the New Zealand dollar eased 0.07% at $0.5959. (QNA)