Dollar climbs further pinning euro, yen at multi-decade lows

The dollar strengthened more than 1% against the yen

The dollar resumed its relentless rise on Thursday, charting new 24-year highs against the yen and pinning the euro close to parity, as investors bet on the Federal Reserve ratcheting up interest rates to combat soaring inflation, Qazet.az reports.

Global economic turmoil has put a rocket under the safe haven dollar, pushing the dollar index that tracks the greenback against six counterparts up more than 13% this year. It was last up a fifth of a percent on the day at 108.500.

The dollar strengthened more than 1% against the yen, pushing it above 139 yen per dollar for the first time since 1998. It was last up 1.3% at 139.18 yen per dollar.

The euro was hovering just above parity with the dollar - a day after breaking below the key level for the first time in almost two decades. The single currency fell as much as 0.5% on the day and was last down 0.3% at $1.00310.