Manila:The US dollar surged to an 18-month high on Wednesday, driven by renewed expectations of an upcoming interest rate hike by the Federal Reserve.
According to Emirates News Agency, the dollar index, which tracks the performance of the US dollar against a basket of six major currencies, increased by 0.68% to reach 102.86. This marks its highest level since April 2025.
In response to the dollar's strength, the euro dropped 0.69% to $1.1121, reaching a 17-month low against the dollar. It also hit a 16-month low against the British pound. Meanwhile, the pound fell 0.58% to $1.3178, and the Japanese yen weakened by 0.33%, trading at 158.81 per dollar.