NEW YORK (CNN/Money) - The U.S. trade deficit soared to a record $55.8 billion in June, the government reported, coming in far wider than economists had expected as climbing oil prices led to a record level of imports.

The trade deficit reached $55.8 billion in June after a revised reading of $46.9 billion the previous month, the Commerce Department reported. Wall Street had expected a reading of $47 billion, according to Briefing.com.

Following the report, the U.S. dollar fell sharply amid a rising supply of the currency around the world with the climbing imports and on the reduced chances of rising interest rates.

Rising interest rates typically attract capital as investors seek out higher returns from fixed-income securities, such as certificates of deposit.

Imports of goods and services into the U.S. rose 3.3 percent to $148.6 billion, the highest level since November 2002, the government reported.

Exports, which is a component of gross domestic product measurement, fell 4.3 percent, the lowest level since September 2001.

Bond prices climbed after the report, with the 10-year note yielding 4.21 percent, on the likelihood of a winnowing GDP figure and the prospects that the Federal Reserve may not need to raise interest rates as inflation and economic growth ease.