The US dollar is enjoying its longest winning streak in nearly nine years, CNN reported.
The greenback was heading for its eighth-straight week of gains against a basket of other major currencies on Friday, its best run since winter 2014-2015. It has gained 5 per cent since mid-July, CNN reported,
The rally comes after months of volatility, fueled by concerns that the dollar may be losing its status as the world’s reserve currency. Speculation about the potential de-dollarization of global trade rose again last month after the Chinese-led expansion of the BRICS group of nations to include major oil producers, such as Saudi Arabia.
“Rumors of the US dollar’s demise continue to be greatly exaggerated,” James Athey, investment director at Abrdn, an asset manager, told CNN.
The US Dollar Index, which now stands at its highest level in six months, has been buoyed by a slew of positive economic data from the United States in recent weeks -- fueling expectations that the Federal Reserve will keep interest rates higher for longer. Higher interest rates tend to boost the value of a country’s currency by attracting more foreign capital, as investors anticipate making bigger returns, CNN reported.
Meanwhile, storm clouds have gathered over the economies of China and Europe.
“The US economy continues to demonstrate remarkable strength, while matters in China and Europe, in particular, seem to be descending into a much more recessionary place,” Athey added.
The US unemployment is hovering near its lowest level in 50 years. Hiring remains solid, having notched its 32nd consecutive month of growth in August. And wages, when adjusted for inflation, are rising, CNN reported.
Adani Green reports 30 pc EBITDA growth in FY24, revises target to 50 GW for 2030
Adani Green Energy Ltd (AGEL) on Friday reported 30 per cent EBITDA growth at Rs 7,222 crore in FY24, as the renewable energy (RE) major revised its target for 2030 to 50 gigawatt (GW) from 45 GW.
One more person planted in Raj Bhavan with sinister intent: Bengal Governor
In an audio message released on Friday, the Governor claimed that Raj Bhavan received a confidential report that political forces had planted one more person in the Raj Bhavan with sinister intent.
Rahul Gandhi files nomination from Raebareli
Congress leader Rahul Gandhi on Friday filed his nomination papers from the Raebareli Lok Sabha seat. Congress workers and Samajwadi Party workers turned out in full force to welcome Rahul to Raebareli.
'Daro mat, bhaago mat': PM Modi's stinging jibe at 'Shehzada', top Congress leadership
Prime Minister Narendra Modi on Friday mocked Congress leader Rahul Gandhi, hours after he was fielded from Raebareli Lok Sabha constituency, the seat vacated by former Congress President Sonia Gandhi.
Trinamool govt wants to make Hindus second-class citizens in Bengal: PM Modi
Prime Minister Narendra Modi on Friday claimed that the Trinamool Congress-ruled West Bengal government wants to make the Hindus second-class citizens in the state.
Will bring back politics of 'sewa' in Amethi: Priyanka
Congress leader Priyanka Gandhi Vadra said on Friday that the grand old party would bring back the politics of "sewa" to Amethi, where the party has fielded Kishori Lal Sharma.
Helicopter crashes en route to pick up Shiv Sena leader in Maha's Raigad
In a shocker, a private helicopter which was flying to pick up Shiv Sena Deputy Leader Sushma Andhare, suddenly crashed on landing, officials said here on Friday.
LS polls: Rahul Gandhi to contest from Raebareli, K.L. Sharma in Amethi
Ending days of suspense, the Congress has finally announced that Rahul Gandhi will contest from the Raebareli Lok Sabha constituency, the seat held earlier by his mother Sonia Gandhi.