The dollar index, which tracks the currency against a basket of six peers, initially fell more than 1 per cent after The Washington Post reported that potential tariffs might be confined to critical imports.

U.S. stock futures were rising early Tuesday as the market grapples with possible repercussions from any tariffs imposed by President-elect Donald Trump. Trump quashed speculation that he would pare back plans to introduce across-the-board tariffs on imports when he takes office later this month.