Dollar reaches 13-month high on rate hike expectations
The dollar continued its rise to reach its highest level in 13 months against a basket of currencies, amid increased demand for safe-haven assets due to the wave of selling in tech stocks and expectations of interest rate hikes by the Federal Reserve. The dollar index recorded 101.44, while the euro declined to 1.1375 dollars, and the British pound fell to 1.3199 dollars. The New Zealand dollar dropped to its lowest level in seven months. Additionally, the Japanese yen weakened to 161.57 per dollar, as the dollar continued to post gains.
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