Billionaire investor Sam Zell said he’s concerned an interest-rate increase by the Federal Reserve may roil global currency markets.

“The bigger impact might be on the dollar,” he said in an interview with Maria Bartiromo on the Fox News show “Sunday Morning Futures” when asked whether a rate boost could hurt real estate prices.

He’s “most concerned about” the impact on currencies.

The odds the Fed will lift borrowing costs in September improved Friday after the best jobs report in five months eased concern the U.S. economy is struggling to regain momentum following a contraction in the first quarter. The report pushed the dollar to a 13-year high against the yen.

"We haven't had the growth. We haven't had that underlying pressure that quote/unquote lifts the boat. We have an enormous amounts of liquidity, but we also have an enormous amount of underemployment, and we have a record number of people who quote/unquote are out of the work force," he said.

"So to me, if you included the people who are, quote, out of the work force, the unemployment rate is more than double than what the newspapers claim it is," he said.

So how would Zell create jobs?

"Reduce regulation. There is probably nothing that is a better job killer than regulation," he said. "Much heavier regulation. I think it's very counterproductive, and I think it's a big contributor to the very slow pace of growth."

Zell also said the commercial real estate market is doing well because of optimism rental rates will go up.