The dollar rose against most major currencies during trading on Wednesday, continuing its gains to achieve its best daily performance in eight years after Republican Party candidate Donald Trump won the US presidential elections.
The dollar jumped 1.9% earlier today, its biggest daily gain since June 2016.
The US currency's gains today came at the expense of other currencies, including safe-haven currencies such as the Swiss franc, which fell 1.53% to $1.1406, and the euro, which fell 2.06% to $1.0704, in addition to the sterling's decline of 1.42% to $1.2855.
Donald Trump won the US elections, becoming the 47th president, beating Kamala Harris, and returning to the White House with clear momentum for his Republican Party.
Trump, 78, has surpassed the 270 electoral college votes needed to secure victory, as well as the popular vote, in which he received more than 71 million votes.
The dollar's gains come despite expectations that the Federal Reserve will cut its key interest rate by 25 basis points to a range of 4.5% to 4.75% at its meeting that begins today and continues until Thursday.
In terms of trading, the dollar index rose by 1.6% to 105.08 points by 20:33 GMT, recording a high of 105.4 points and a low of 103.7 points.
Canadian Dollar
The Canadian dollar was down 0.8% against the US dollar at 0.7175 by 20:44 GMT.
Australian Dollar
The Australian dollar was down 0.8% against the US dollar at 0.6582 by 20:44 GMT.
