U.S. dollar rises as central banks hike rate

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Xinhua News

24th March 2023 – (New York) The U.S. dollar strengthened in late trading on Thursday as market participants digested major central banks’ rate decisions.

The dollar index, which measures the greenback against six major peers, increased 0.15 percent to 102.5224.

In late New York trading, the euro decreased to 1.0845 U.S. dollars from 1.0879 dollars in the previous session, and the British pound decreased to 1.2282 U.S. dollars from 1.2302 dollars in the previous session.

The U.S. dollar bought 131.00 Japanese yen, lower than 131.45 Japanese yen of the previous session. The U.S. dollar fell to 0.9156 Swiss francs from 0.9173 Swiss francs, and it rose to 1.3701 Canadian dollars from 1.3697 Canadian dollars. The U.S. dollar increased to 10.3146 Swedish Kronor from 10.2670 Swedish Kronor.

The Bank of England on Thursday raised its benchmark interest rate by 25 basis points, while the Swiss National Bank delivered a 50 basis point hike.

On Wednesday, the U.S. Federal Reserve increased rates by a quarter of a percentage point despite stress in the banking system.