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The dollar posted its biggest weekly decline in more than a decade on Friday, as trillions of dollars’ worth of stimulus efforts by governments and central banks helped temper a rout in global markets driven by the coronavirus pandemic.
The dollar surged in March as tumbling stock and debt markets caused a scramble for the world’s most liquid currency.
But big government spending pledges and coordinated efforts by central banks around the world to increase the supply of dollars have supported a rally in other major currencies.
The U.S. House of Representatives on Friday approved a $2.2 trillion aid package – the largest in American history – to help people and businesses cope with the economic downturn inflicted by the coronavirus outbreak.
The dollar dipped 0.87% against a basket of currencies Friday to 98.41. It fell 3.90% this week – its biggest weekly decline since March 2009.
The dollar index last week had racked up its biggest weekly gain since the financial crisis.