The dollar rises against the yen to its highest level in five years

The US dollar rose against the safe-haven Japanese yen to its highest level in five years today, as the Japanese yen fell by 1.03% to 117.32 yen. The single European currency fell against the US dollar by 0.69% to $ 1.0912, after recording losses of more than 2.5% in March, with its decline to its lowest level in nearly two years amid growing fears of stagflation arising from the Ukraine war.

The main dollar index, which measures the performance of the US currency against 6 major currencies, rose 0.76% to 99.11, and recorded a weekly gain of 0.56%, after rising by 2% last week, which is the largest weekly percentage gain since April 2020.