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28 Feb 2022

Dollar Surges as Mounting Sanctions increase Demand for Safe Havens

Dollar Surges as Mounting Sanctions increase Demand for Safe Havens

The Index Today

The U. S. dollar climbed on Monday during early European trade even as the ruble plunged to a record low due to mounting sanctions from the West on Russia as it continues its full-scale invasion of Ukraine.

The Dollar Index rose 0.5% to 97.115 at 3:05am ET (0805 GMT). The ruble fell to a record low on Monday following Western sanctions in response to Russian attacks on Ukraine. The USD/RUB climbed over 11% to 92.7400 at 2:55am ET, hitting an all-time high.

Analysts at Credit Suisse contended, “[Russia’s] exclusion from SWIFT will lead to missed payments and giant overdrafts similar to the missed payments and giant overdrafts that we saw in March 2020.”

The EUR/USD pair dropped by 0.7% to 1.1187 as Europe remained hard-hit amid Ukraine-Russia tensions which has prompted surges in European energy prices. The USD/JPY and USD/CNY pairs dipped 0.1% each to 115.52 and 6.3109 respectively. The AUD/USD pair inched down to 0.7202 by 0.4% while the GBP/USD pair fell 0.2% to 1.3380.

©Photo: Bloomberg