Dollar rises as Obama's plans move forward

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Geithner to the rescue

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NEW YORK (CNNMoney.com) -- The dollar got a boost against most foreign currencies Tuesday as the Obama administration unveiled an overhaul of the financial rescue plan and the Senate passed its version of the economic stimulus bill.

The euro fell to $1.2897, down from $1.3003 late Monday.

The pound also fell against the dollar, buying $1.4513, down from $1.49.

The dollar fell against the yen, however, dropping to ¥91.321 from ¥91.47 late Monday.

The dollar has been in an upward trend against the euro and pound since the summer, though it has fallen against the yen during that period. Currency strategists say traders have been rewarding currencies of nations that are promoting the strongest economic recovery efforts.

Accordingly, the dollar fell slightly against the euro and pound Monday after both the stimulus and bank bailout plans faced delays. But traders supported the U.S. currency again Tuesday ahead of a vote and an announcement of two key elements to President Obama's recovery effort.

Treasury Secretary Tim Geithner detailed a revision to the financial system rescue plan Tuesday, saying the government could provide U.S. banks with up to $1 trillion in new capital.

Meanwhile, the Senate approved an $838 billion plan to stimulate the economy through new spending programs and tax cuts.

Members of the Senate and the House of Representatives, which passed a different version of the bill last week, now have to hammer out a single bill from their differing versions. Senate Majority Leader Harry Reid, D-Nev., said he expected that could be done by Friday.