U.S. Dollar Hits Two Decade Peak As Indian Rupee Reached Life-Time Low

U.S. Dollar Hits Two Decade Peak As Indian Rupee Reached Life-Time Low
  • DXY hit the 114.5 level and touched 2003 high.
  • Sterling 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 sterling fell to a record all-time low, the dollar index kept surging and flipped the RSI decline, today DXY hit the 114.5 level and touched 2002 high. 

U.S. dollar currency index (Source: Tradingview)

The British pound’s sharp decline, helped the U.S. dollar reach a secure place and record a two-decade peak of 114.5. Sterling fell as high as 4.9% to record an all-time low of $1.0387 before closing at $1.06546, or over 2% down from the end of the previous session.

Following the DXY surge, the Chinese yuan hit a 28-month low of 0.139 against the US dollar and was just a few cents away from its lower trading limit. But the central bank taking attempts to control the currency’s decline.

Furthermore, after the dollar index rose to its highest level since 2002 due to declining risk sentiment and a falling pound, the Indian rupee dropped to record a new lifetime low against the dollar. 

What Bitcoin is Holding?

Bitcoin (BTC) is starting a new week by failing to break through previous support, a rare setback for its Q3. After a promising and encountered resistance at $25,000 twice in quarter 3, the market momentum faded, it has since fallen below $19,000. And, still, the cryptocurrency market facing market volatility. 

At the time of writing, Bitcoin traded at $18,915.77 with a trading volume of $28,828,636,425. BTC is down 0.79% in the last 24 hours, with a market cap of $362 billion, as per CoinMarketCap. Moreover, Bitcoin Fear and Greed Index is 21 which indicates “Extreme Fear”, as per Alternative

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A journalism graduate who is passionate about writing loves to dance and travel currently starts exploring blockchain technology.