OSAKA, Japan (Reuters) - U.S. Treasury Secretary Henry Paulson repeated on Saturday that he backed a strong dollar and denied that the dollar’s depreciation was helping push up global energy prices.
Paulson said that in his talks with G8 finance ministers, a number of them said that high commodity prices were being used as a hedge against inflation.
“I don’t believe that is related to the dollar,” he told a questioner who asked whether the falling U.S. currency was a major factor behind soaring oil prices.
Reporting by Glenn Somerville
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