The dollar rose in Asian trading today, to its highest level in more than three months against most other major currencies, after Jerome Powell, Chairman of the Federal Reserve (US Central Bank), warned that there may be a need to raise interest rates faster and higher than It was expected to curb stubborn inflation.
The dollar index rose 0.2 percent to its highest level in more than three months at 105.86. Against the single European currency, the US currency recorded its highest level in two months at $1.0528 per euro, extending Tuesday’s jump of 1.2 percent. The pound sterling, the Swedish and Norwegian krone, the Chinese yuan, and the Canadian, Australian and New Zealand dollars also fell to their lowest levels in several months against the dollar. The pound sterling fell slightly to 1.1811 dollars, its lowest level since late November. The Chinese yuan recorded its lowest level in more than two months at 6.9782 per dollar, just steps away from the remarkable level of seven yuan per dollar. The Australian dollar also declined, after falling 2 percent yesterday, it fell slightly more than its lowest level in four months at $ 0.6568 today.
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