It’s up 15% against a basket of currencies since mid-2021. The greenback now stands at an all-time high, according to some gauges.
Its ascent is the result primarily of the Federal Reserve’s aggressive rate-hiking - it raised by another 75 basis points on Wednesday - and has left a trail of devastation: Driving up the cost of food imports and deepening poverty across much of the world fueling a debt default and toppling a government in Sri Lanka and heaping losses on stock and bond investors in financial capitals everywhere. The dollar, the currency that powers global trade, is on a tear that has few parallels in modern history.
PM Modi transfers Rs 17,000 crore to 85 mn farmers under PM Kisan
