The dollar jumped on Monday, February 3, 2025 due to Trump's tariffs, propelling the global exchange rate to its lowest level in several years. However, this decision by Trump has had a negative effect on almost the entire foreign exchange market

As Trump promised last month, the United States has imposed 25% tariffs on Canada and Mexico and a 10% tax on China, calling these measures necessary to combat illegal immigration and drug trafficking.

The US dollar rose by 0.7% to 7.2552 yuan on the offshore market, after reaching a record high of 7.3765 yuan. Chinese markets remain closed for Lunar New Year and will resume trading on Wednesday

While the gains of the US dollar were significant, the euro for its part also fell to its lowest level in over two years and the Swiss franc slipped to its lowest level since May. The euro fell as much as 2.3% to $1.0125 before regaining some calm to change hands to $1.025725

The British pound fell by 0.74% to 1.2304 dollars. The Japanese yen held up better, falling slightly to $155.50 per dollar

The dollar index, which measures the value of the American currency in relation to six other units, rose 0.11% to 109.65. It had reached its highest level in three weeks at the start of the session.

The Indian rupee weakened below 87 against the US dollar for the first time on Monday, in the wake of a fall in Asian currencies and stocks. The rupee fell to an all-time low of 87,1450 per dollar, down 0.6 percent from Friday. The losses of the rupee since the beginning of October are now approaching 4%

Asian currencies, stocks, and U.S. stock futures fell. The Korean won, the Malaysian ringgit, the Indonesian rupiah, and the Thai baht fell from

The Kenyan shilling held steady on Monday, but traders said they expected it to remain firm due to inflows of dollars from non-governmental organizations, remittances from migrants, and foreign investors buying government bonds for sale this month. At 06:58 GMT, the shilling was trading at 129.00/129.40 per dollar, unchanged from Friday's closing

The Russian ruble weakened against the US dollar, approaching the 100 mark. It lost 1.2% to 99.70 against the dollar at 08:45 GMT, according to over-the-counter market data. The ruble lost 0.5% to 13.43 against the Chinese yuan on the Moscow Stock Exchange (MOEX). The ruble has increased by 11% against the dollar since the beginning of 2025.