US Dollar Hits Two-Decade High as Indian Rupee Hits Low
- DXY reached the 114.5 level and touched the 2003 high.
- The British pound recorded an all-time low of $1.0387.
The U.S. Dollar Currency Index (DXY) overcame significant opposition to reach its highest level since July 2002. As the British pound fell to a record low, the rise continues and reversed the decline in the RSI, today Today DXY hit the 114.5 level and touched the 2002 high.
US Dollar Exchange Index (Source: Tradingview)
The sharp drop in the pound helped the US dollar to a safe place and hit a two-decade high of 114.5. The British pound fell as much as 4.9% to hit an all-time low of $1.0387 before closing at $1.06546, down more than 2% from the end of the previous session.
Following the surge in the DXY, the Chinese Yuan hit a 28-month low of 0.139 against the US Dollar and was only pennies away from its lower trading limit. But the central bank tries to control the decline of the currency.
Furthermore, after the dollar index hit its highest level since 2002 due to lower risk sentiment and a falling pound, the Indian rupee fell to record a new all-time low against the dollar. .
What is Hold?
Bitcoin (BTC) enters a new week by failing to breach previous support, a rare setback for its Q3. After promising and twice encountered resistance at $25,000 in Q3, market momentum faded and has since fallen below $19,000. And, still, the cryptocurrency market faces market volatility.
At the time of writing, Bitcoin was trading at $18,915.77 with a trading volume of $28,828,636,425. BTC is down 0.79% in the past 24 hours, with a market capitalization of $362 billion, according to CoinMarketCap. Additionally, Bitcoin Fear and Greed Index is 21, indicating “Extreme Fear,” according to Alternative.
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