After Russia cut off gas supplies to two eastern European countries. The US dollar hit a five-year high yesterday, Wednesday, ahead of the Reserve Board meeting
The Federal Reserve next week is expected to raise interest rates, while the euro fell on growth concerns.
According to Arabiya Net, the dollar received support from expectations that the US Central Bank would be more tight-lipped on monetary policy than its peers.
The Federal Reserve is expected to raise interest rates by 50 basis points at its meeting on May 3rd and 4th, and also in June and July.
The green currency has also benefited from global growth concerns, as Europe grapples with the fallout from Russia's invasion of Ukraine and China imposes lockdowns in an effort to stem the spread of COVID-19.
The dollar index, which measures the value of the US currency against a basket of six competing currencies, jumped to 103.28, its highest level since January 2017, before retreating slightly to 102.947 in late trading.
The euro fell to $1.0515, its weakest level since March 2017, before recovering slightly to $1.0559.
The European currency has lost 4.6% of its value since the beginning of April, and is heading towards recording the worst monthly loss in more than seven years.
The Japanese currency settled at 128.45 yen against the dollar, after it plunged to a 20-year low of 129.40 yen last week.
The pound sterling recorded its weakest level in 21 months at $1.2502, with UK retail sales falling, and it traded in late trading, down 0.24% at $1.2542.
