US dollar hits one-year high boosted by Trump win

The US dollar surged to its highest level in a year as Donald Trump declared his victory in a highly contested race for a second term in the White House.

The dollar index, which measures the greenback against a basket of six major currencies, rose by 1.56% to reach 105.03 points at 10:55 am Makkah time.

Bloomberg’s US dollar index also increased by 1.7% earlier in the session, reaching around 1,280 points, marking its highest level in a year.

Meanwhile, the euro fell by 1.75% to $1.0738, the pound sterling dropped by 1.29% to $1.2873, and the Swiss franc declined by 1.15% to $1.145.

Trump is currently delivering a victory speech after initial signs showed him securing 277 votes, surpassing the threshold needed to win a second term as president of the world's largest economy.

Analysts expect Trump’s policies to lead to a broad recovery in the US economy and Wall Street markets, at least in the short term.