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24 Feb 2022

Dollar Soars while Euro Drops amid Ukraine-Russia Invasion Crisis

The Index Today

The dollar rose in Asia on Thursday morning as the euro suffered a blow compounded by the increasing demand for safe-haven currencies in the backdrop of Russia’s invasion of Ukraine. The Swiss Franc and Japan’s yen also hit multi-week highs against the euro.

The U.S. dollar index rose by 0.41% to 96.580 by 11:48pm ET (3:48am GMT). The AUD/USD and NZD/USD pairs lowered by 0.7186 (0.65%) and 0.6723 (0.72%) respectively. The USD/CNY pair climbed by 0.05% to 6.3172 as the GBP/USD and USD/JPY pairs dipped by 0.18% to 1.3518 and 0.16% to 114.78 respectively.

Russia began a full scale invasion of Ukraine after President Vladimir Putin announced a “special military operation” in the region. As per a TASS report on Putin’s speech, this move comes as a supposed means of “protect[ing]” the Donbass region in Ukraine.

Ukraine has declared a state of emergency as western countries retaliate by imposing sanctions on Russia.

©Photo: Reuters

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