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Currency Brief: Euro Plunges 7.4% in January, Yen Rises Slightly

The dollar continued to surge in January compared to most key world currencies. The U.S. dollar index closed at 94.9 on Jan. 30, up by 5 percent for the month.

The euro plunged by 7.4% against the U.S. dollar during the month, to $0.88, its lowest level in nine years and almost 20 percent lower than this time last year. Concerns over Greece’s financial conditions and the results of its recent election and a loosening of monetary policy cast a pall over the currency.


The U.K. pound fell by 3 percent against the dollar in the month, to $0.66.


The Indian rupee rose by 2.5% compared to the dollar in the month, and ended January 1 percent higher than the same time last year.


The Indonesian rupiah fell by almost 2 percent.


The Pakistani rupee edged down by less than 1 percent in the month.


The Chinese yuan remained virtually flat against the dollar in January in advance of the Lunar New Year holiday.


The Bangladeshi taka, which is loosely pegged against the U.S. dollar, dipped negligibly in the month.


The Vietnamese dong rose in value very slightly against the dollar.


The Japanese yen actually rose by 2 percent against the dollar during the month, though remains behind by 15 percent compared to the same month last year.