Investing.com - The U.S. dollar was stronger against other currencies Friday, rising near a 14-month high as political tensions pulled the euro and Turkish lira lower.
The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, increased 0.61% to 96.04 as of 10:46 AM ET (14:46 GMT).
The Turkish lira fell to an all-time low against the dollar after U.S. President Donald Trump announced he would double tariffs on steel and aluminum from Turkey. The two counties have been in a diplomatic spat over the detention of an American pastor in Turkey.
Turkish President Tayyip Erdogan brushed off concerns, saying it was just a campaign against Turkey and urged Turks to exchange gold and dollars into lira.
USD/TRY surged 15.02% to 6.3488, not far from an all-time high of 6.6170 earlier in the session.
The Russian ruble was also weaker, with USD/RUB rising 0.85% to 67.2560, its lowest level since March 2016, after the U.S. imposed fresh sanctions against the Kremlin for its alleged part in poisoning a former British spy and his daughter in the U.K.
The dollar was lower against the safe-haven yen, with USD/JPY decreasing 0.27% to 110.77. In times of uncertainty, investors tend to invest in the Japanese yen, which is considered a safe asset during periods of risk aversion.
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