Fed hike continues to harm major global currencies

RIYADH: The US Federal Reserve’s most aggressive interest hikes since the 1980s have pulled several currencies across the world to new lows.

On Sept. 21, the US Federal Reserve hiked the short-term interest rates by 75 basis points to 3 to 3.25 percent.

Since the announcement, several investors took their money out of other markets to invest in the US, thus pulling global financial markets to a state of volatility.