The US Dollar Reaches a New Record High in 20 Years

Al-Anbat- MAYS ALSHAWABKEH 

As U.S. currency buying accelerated as the greatest investment option, the dollar on Friday rose to a new 20-year record versus a basket of world currencies, on the cusp of the biggest weekly rise since March 2020, according to the Wall Street Journal. 

The largest central bank in the world increased its federal funds rate this week by 75 basis points to 3.25%, the highest level since 2008. It also reiterated that it will continue to hike U.S. interest rates significantly in order to curb unprecedented inflation in the country. 

The dollar index began today's trading at 111.23 points and reached a low of 111.07 points before rising 1.0% to 112.34 points, its highest level since May 2002.