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The dollar rose on Wednesday, while the euro and riskier currencies such as the Australian dollar fell as traders braced for more volatility as well as the consequences of increased infections with the Omicron coronavirus.
The Turkish lira stabilized and maintained its recent gains amid highly volatile currency trading this week.
Global currency movements were largely limited, with trading volumes low ahead of the holiday season.
The Australian dollar fell as much as 0.4 percent to $0.7121, and the New Zealand dollar to $0.6742, after the two currencies rose sharply the previous day, accompanied by oil and global stocks.
With the pound sterling, which was also among the beneficiaries of Tuesday’s rally, as well as the euro, the dollar index halted two days of losses and rose slightly to 96.551, although it remains within its recent ranges.
Traders are preparing for another day of fluctuations in the value of the Turkish lira, which closed up 6 percent on Tuesday, after declining 8.6 percent and then rising as much as 18.5 percent.
The lira fell in the latest trading by about 1.4 percent to 12.57 against the dollar, but it retained most of its gains, after it rose from record low levels, following new steps by President Recep Tayyip Erdogan to protect the savings of Turks from such fluctuations.
