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Euro rises to maximum value against falling dollar

Euro rises to maximum value against falling dollar

Frankfurt, Mar 18 (Prensa Latina) The euro rose thursday to its highest value in a week while the US dollar fell to its lowest levels in the same period, marked by the rate hike in the United States and the negotiations between Russia and Ukraine.
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The community currency rose to above $1.11 on investors’ increased willingness to take risks following encouraging news of progress in talks between Kiev and Moscow.

Preliminary reports suggest significant progress in a tentative peace plan that includes a ceasefire and the withdrawal of Russian troops.

Towards the end of Thursday, it was changed to $1.1109, compared to $1.1005 where the markets closed the previous day.

The exchange rate for the euro currency fluctuated between $1.1016 and $1.1111 for the rest of the day.

For its part, the European Central Bank set the reference rate for the euro at 1.1051 dollars.

Meanwhile, the change in the monetary policy of the United States one day after the rise in interest rates by the Federal Reserve (FED) influenced the fall of the greenback.

The dollar index, which measures its value against a basket of currencies, fell 0.5 percent to 97.997 and hit a one-week low.

The Fed approved a 25 basis point hike in interest rates and said it could raise them six more times this year to combat inflation.

During the day the dollar fell 0.1 against the Japanese yen and the pound sterling weakened against the euro.

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