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The Economic Times
The Economic Times

Dollar hits 13-month high as rate-hike bets, stock rout boost demand

The U.S. dollar extended gains to reach a fresh 13-month high against a ​basket of major currencies on Wednesday, as investors ​sought shelter from a tech stock selloff and prepared for rate hikes from ​the Federal Reserve.

Stock market volatility continued after a broad selloff of technology and semiconductor sectors dragged global shares lower, sparking safe-haven demand for the dollar and bonds.

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