USD nears 7-week high against a basket of peers

Shafaq News / The dollar stabilized near its seven-week high against the euro on Thursday, reached after Federal Reserve Chairman Jerome Powell dismissed the idea of lowering interest rates in March.

The dollar index, which measures the currency's performance against a basket of six major currencies including the euro, yen, and pound sterling, remained at 103.60 dollars in the afternoon Asian trading, after rising 0.19% on Wednesday.

The euro fell 0.12% to $1.0805, hitting its lowest level since December 13, 2023, recorded yesterday at $1.0795.

The British pound sterling dropped 0.09% to $1.2676. The Bank of England is likely to keep interest rates unchanged, but markets expect a cut by June.

Against the Japanese yen, the dollar fell 0.11% to 146.775 yen after dropping 0.47% on Wednesday.