The value of the dollar has started to decline against other currencies in the global market.
The United States Central Bank has increased interest rates during the last two to three weeks to combat growing inflation in the country. These actions, along with others, have caused several currencies to lose value on the international market when compared to the dollar.
Following a pause in dollar interest rates in several nations, the value of the dollar started to decline.
Additionally, the British pound fell significantly last week against the US dollar. That works out to USD 1.03 per Pound.
Following the nation's new government's decision to lower taxes, the pound fell short of the dollar.
The UK government recently decided to reverse the 45 percent income tax decrease it had previously made. Precisely one Dollar now equals one Pound.
In the past 20 years, the value of the Euro has also decreased dramatically. It dropped to USD 0.95 per Euro. But the Euro has now climbed to USD 0.99.
Due to the rise in the value of the dollar during the past month, the value of the Chinese Yuan also fell to a record low. The value of the dollar at the time was 7.24 Yuan. After China's Central Bank took necessary measures the value of one Dollar is 7.12 Yuan.
Australia, New Zealand, and Japan's currencies, which are well-known in the international market, are also strengthening against the dollar.