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Editor in Chief Mohamed Wadie

Dollar Drops to One-year Low against Basket of Major Currencies


Fri 14 Apr 2023 | 07:39 AM
U.S. Dollar bill
U.S. Dollar bill
Taarek Refaat

The US dollar fell to a one-year low against a basket of currencies on Friday while the euro reached a one-year high, as traders raised their expectations of an imminent end to the US Federal Reserve's rate hike cycle amid signs of slowing inflation.

The dollar fell again on Friday and the US dollar index, which tracks the currency against six major peers, fell to a near one-year low of 100.78.

The U.S. currency was last down 0.15% at 100.82, and is heading for a weekly decline of more than 1%, its biggest decline since January.

Meanwhile, the euro rose to a one-year high of $1.1075, surpassing its previous high since Thursday.

The European Union's single currency was 0.2% higher at $1.1070, and is on track for a weekly gain of more than 1.5%.

The British Pound also hit a 10-month high of $1.2545, and was last up 0.14% to $1.25405.

The Japanese yen rose marginally to 132.47 per dollar, while the offshore yuan rose more than 0.5% to 6.8327 per dollar.

The Egyptian pound recorded to buy 30.8343 and 30.9557 to sell against the U.S. currency.