Dollar falls to seven-week low amid Strait of Hormuz reopening
Kyiv • UNN
The dollar's exchange rate fell to 97.96 amid statements from Iran and the US about the resumption of shipping. Investors are choosing risky assets, which has led to a decrease in oil prices.
The US dollar exchange rate fell to multi-week lows amid rising investor risk appetite following news of the opening of the Strait of Hormuz. This was reported by Reuters, writes UNN.
Details
The impetus came from Iran's statements about the resumption of navigation through the strategic waterway, which fueled expectations of a possible end to the conflict in the Middle East.
The dollar index, which reflects its exchange rate against a basket of six currencies, fell by 0.3% to 97.96 during Friday's trading. Earlier, it dropped to 97.632, which is the lowest level in the last seven weeks.
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Against this background, oil prices also fell sharply, while US stock markets showed growth, and the yield on US government bonds decreased.
Statements of the parties
Iranian Foreign Minister Abbas Araqchi said that the Strait of Hormuz is open for commercial shipping until the end of the 10-day truce.
US President Donald Trump confirmed this information, noting that the strait is "fully open and ready for passage."
In addition, Trump said that the US is ready to cooperate with Iran on the return of enriched uranium as part of a potential deal.
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