March 5 (Lagos) - The US Dollar declined to its lowest level since President Trump was elected in November on the back of imposition of tariffs on USA's largest trading partners China, Canada and Mexico.
Traders worry that the tariffs will end of reducing the use of US Dollars in world trade and sold the greenback. The losses were stark against the Euro which climbed to 1.07 as traders worry about economic contractions and reduction in interest rates as a result of those contractions.
Naira has also made gains against the USD recently rising to 1500 against 1 USD after some heavy defending by the Central Bank which saw more than $ 1 billion gone from its coffers.
The Indian Rupee also strengthened to 86.91 against the USD after some drubbing over the past few months.
Pound sterling rose to 1.28 while the Canadian Dollar failed to make any gains possibly due to the weak political situation in the North American Country.
The Singapore Dollar rose to 1.33 against the USD.
reporting for easykobo.com