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The Dollar’s Fallout from the Silicon Valley Banking Crisis

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The dollar fell in trading today, Monday, against major currencies, including the euro and the yen, in light of the Silicon Valley bank bankruptcy crisis in the US.

And by 09:25 Moscow time, the dollar index, which measures the value of the US currency against a basket of major currencies, fell by 0.63% to 103.91 points, and before that the index fixed the level of 103.83 points.

The euro exchange rate rose by 0.7% to 1.0718 dollars, while the US currency fell in price, as regards the Japanese yen, by 0.47%, to 134.39 yen per dollar.

On March 10, the State of California closed Silicon Valley Bank, the largest bankruptcy in the US since the financial crisis of 2008, and the bankruptcy is due to an increase in the interest rate on the US Federal Reserve.

In light of this, the US authorities intervened in the crisis and decided from March 13 to allow access to their savings to all Silicon Valley depositors.

Source: News

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