Dollar soars to two-decade high

LONDON/NEW YORK:

The dollar surged to a new two-decade high on Wednesday just ahead of another expected aggressive Federal Reserve interest rate hike, as investors fled for safety after a decision by Russian President Vladimir Putin to mobilise more troops for the conflict in Ukraine. Putin on Wednesday called up 300,000 reservists to fight in Ukraine and said Moscow would respond with the might of all its vast arsenal if the West pursued what he called its “nuclear blackmail” over the conflict there. The news propelled the dollar index, which measures the greenback’s value against six major currencies, to 110.87, its strongest level since 2002. 

Published in The Express Tribune, September 22^nd, 2022.

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