The dollar index surged to a new high, pressuring emerging market currencies. The Indian rupee hit a record low against the dollar, while other currencies like the Japanese yen and the South Korean won also weakened. The strong dollar is attributed to rising US interest rates and uncertainty surrounding the global economic outlook, particularly with upcoming trade tensions between the US and China.
The dollar index — which measures the value of the greenback against several major global currencies — spiked 1.11% to 109.58, pressuring the currencies in the region.The Indian rupee fell to a record low of 87.101 against the dollar.dropped 0.36% to 7.347 against the greenback, following Trump's imposition of a 10% duty on Chinese exports to the U.S. Major investment banks have forecast theSign up for NBC Philadelphia's News Headlines newsletter.
" downgrades haven't come through yet, but believe me, they are coming, and that is then going to be the enemy for these sort of pro cyclical, pro growth currencies," he added.Philadelphia
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