UPDATE 1-White House adviser says U.S. has 'ruled out' currency intervention

White House economic adviser Larry Kudlow said on Friday the United States has "ruled out" intervening in currency markets to impact the dollar's value, though President Donald Trump's administration is concerned other countries are deliberately weakening their currencies.

"Just in the past week, we had a meeting with the president and the economic principals and we had ruled out any currency intervention," Kudlow said in an interview with CNBC. Trump has publicly complained about the strength of the U.S. dollar, saying it hurts American competitiveness, but Kudlow disputed an assertion that the president wanted a weaker dollar.

"I don't agree with your assertion that the president wants a weak dollar," Kudlow said. "What the president is concerned about is that foreign countries may be manipulating their own currencies lower to try to gain some short-term, temporary trade advantage," Kudlow added.

Kudlow told reporters later on Friday that the president wanted a steady dollar.

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