Dollar hits 20-year high as Fed flags higher rates for longer

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Reuters UK

By Rae Wee SINGAPORE (Reuters) – The U.S dollar surged to a 20-year high against a basket of currencies on Monday after Federal Reserve Chair Jerome Powell signalled interest rates would be kept higher for longer to bring down soaring inflation. The dollar index scaled to a fresh two-decade peak of 109.44 in the Asia trade, with greenback strength pushing other major currencies to new lows and putting pressure on its emerging markets counterparts. The dollar hit 138.88 against the Japanese yen, the highest since July 21, while the offshore yuan fell to a fresh two-year low of 6.9321 per dollar…

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