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May 9, 2022

Dollar surges to 2-decade high as investors seek refuge

AP Business Writer

NEW YORK — The U.S. dollar's value surged in April as investors sought refuge amid the Federal Reserve's aggressive shift to fight rising inflation.

Rising inflation that has caused the biggest jump in prices in 40 years has spurred the Federal Reserve to aggressively raise interest rates, which increases demand for U.S. dollars. The U.S. dollar is also the world's reserve currency and is considered a safe-haven in times of global economic stress.

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