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The dollar rose to its highest level in two decades against a basket of currencies

The dollar rose to its highest level in two decades against a basket of currencies

Updates: 04/28/2022 17:44
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LONDON/NEW YORK – The US dollar rose to a two-decade high against a basket of major currencies. The euro itself fell to a five-year low against the dollar, and the single European currency remains under pressure due to concerns about the impact of the Russian-Ukrainian conflict on the European economy. At around 17:30 CET, the euro lost about 0.3 percent to $1.0522. It fell to $1.0470 on the day, its lowest since January 2017, Reuters reported.

The dollar index, which expresses the value of the dollar against a basket of six major world currencies, rose today to 103.93 points, the highest level since December 2002. At about 5.30 pm CET, the index rose by about 0.6 percent to 103.57 points.

Once again, the dollar exceeded 130 yen against the Japanese yen for the first time since 2002, after the Bank of Japan confirmed its intention to continue its very loose monetary policy. At around 5.30pm CET, the dollar rose about 2% to 130.97 JPY. It previously climbed to 131.24 JPY, the highest level since April 2002.

The US dollar has recently benefited from the possibility of further monetary tightening in the US. The US Federal Reserve raised its key interest rate by a quarter of a percentage point last month to a range of 0.25 to 0.50 per cent. The benchmark interest rate is expected to rise by half a percentage point next week.

But part of the day’s gains, the dollar lost ground in the afternoon after a report of a sudden downturn in the US economy in the first quarter. The US Department of Commerce announced that the US gross domestic product (GDP) fell 1.4 percent year-on-year. Analysts polled by Reuters expected the economy to grow by 1.1 percent on average.

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