The US dollar index approached its highest level in 20 years against other major currencies, in Friday’s trading, as the US dollar boosted selling in markets amid fears of global recession. The dollar index, which measures the currency’s performance against six major rival currencies, rose 0.5 percent in early European trading hours, to hit a 20-year high at 104.07 points, according to Reuters. The dollar later lost strength in choppy trading, and last settled at 103.55. The yen was slightly lower against the dollar, falling 0.2 percent to 130.46 yen per dollar. Locally, the dollar price in Egypt is expected to continue rising during the coming period, especially after the US Federal Reserve raised the interest rate by 50 basis points.

Source: Egypt Independent May 06, 2022 14:59 UTC