
It had climbed to 96.984, its highest since late June 2017 on Wednesday during a week in which a plunge by the Turkish lira and concerns over China's economic health hit emerging market currencies, driving up demand for the safe-haven greenback.
After spending most of the session lower, London's blue-chip FTSE-100 rallied in the final minutes of trading to close a couple points higher.
US stocks extended gains on Friday and risk sentiment improved following a Wall Street Journal report on potential progress in easing trade tensions between the United States and China.
MSCI's All-Country World index, which follows shares in 47 countries, rose 0.3 percent, though the index remained on track for its third straight weekly decline.
USA stocks climbed in afternoon trading after a Mexican economic official told reporters that trade talks between the United States and Mexico were "advancing well".
At a cabinet meeting, US Treasury Secretary Steven Mnuchin assured President Donald Trump that sanctions were ready to be put in place if an American pastor, being held in Turkey on terror-related charges, was not freed.
Paris closed marginally lower while Frankfurt dipped 0.2 percent.
He said: "I have just authorised a doubling of Tariffs on Steel and Aluminium with respect to Turkey as their currency, the Turkish Lira, slides rapidly downwards against our very strong Dollar! It was last down by about 4 percent.
Investors, already anxious about Turkey's economy, were irked by a diplomatic and trade dispute with the United States over the continued detention of an American pastor Andrew Brunson on espionage and terror-related charges.
The talks come as the United States and Turkey, two major North Atlantic Treaty Organisation allies, are engaged in a bitter diplomatic and trade dispute over the detention of an American pastor accused of terror related charges that has helped drive the Turkish currency to record lows last week before recovering some of its losses in recent days.
Memories of past emerging market crises, such as the Asian financial turmoil of 1997 and Turkey's 2001 crisis, haunted investors this week and prompted selling across emerging market assets as a whole. That left emerging market stocks in a technical bear market, or a 20 percent drop from recent highs.
There was more gloom elsewhere, with European banks and copper also falling into bear market territory.
USA crude rose 0.58 percent to $65.84 per barrel and Brent was last at $71.73, up 0.42 percent on the day.
The Toronto Stock Exchange's S&P/TSX rose 98.06 points, or 0.60 percent, to 16,323.71.
West Texas Intermediate crude futures rose 0.6 percent, or $0.39, to $65.85 a barrel.
The Shanghai Composite Index .SSEC closed down 0.6 percent, while Hong Kong's Hang Seng index .HSI ended 0.8 percent lower.
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