Doha:The dollar remained strong near a two-week high during early Asian trading on Wednesday, as recent US inflation data and assertive remarks from Federal Reserve officials increased expectations of a potential rate hike next month.
According to Qatar News Agency, the US dollar index, which assesses the strength of the dollar against a basket of six currencies, held steady at 102.22. This level is close to the highest point since October 28, showing a 0.5% increase on Tuesday following the release of data indicating higher-than-anticipated US consumer price increases in October, driven by rising food and accommodation costs.
The dollar's resilience was evident as it maintained gains against major currencies in early Asian trade. The euro and the British pound remained stable, trading at $1.1168 and $1.3345, respectively. In relation to the yen, the US dollar was unchanged at 158.715 yen. Meanwhile, the Australian dollar experienced a slight increase of 0.1% to $0.6870, recovering from a seven-month low, whereas the New Zealand dollar stayed flat at $0.5605.