Title: Dollar Up as Russia-Ukraine Tension Escalates
Feb 21, 2022 10:37PM ET
The dollar gained in Asia Tuesday morning after Russia recognized two secessionist parts of eastern Ukraine and concerns grew over a major war.
The U.S. dollar index, which tracks the greenback against a basket of other currencies, rose 0.15% to $96.168 at 10:11 PM ET.
The USD/JPY exchange rate fell 0.10 percent to 114.63.
The AUD/USD pair rose 0.03% to 0.7192, while the NZD/USD pair rose 0.09% to 0.6704.
The USD/CNY pair rose 0.09% to 6.3408 and the GBP/USD pair fell 0.09% to 1.3584.
As tensions between Russia and Ukraine escalate, investors are turning to safer assets.
The euro fell about 0.1% to a one-week low of $1.1297, while the Swiss franc, another safe haven, hit a one-month high overnight.
On Monday, Russian President Vladimir Putin recognized two secessionist regions in eastern Ukraine as independent and ordered troops to be sent in.
Whether this is the start of an invasion of Ukraine is not yet clear, but the West has already reacted by preparing sanctions.
The Russian ruble continued to slide on Tuesday after plunging more than 3% against the dollar on Monday.
Cryptocurrencies were also under pressure. The price of bitcoin reached its lowest level in nearly three months at $37,112.