Every eastern European currency has slid against the dollar in the past week, led by losses in the rouble. No European currency has been spared from being sold this month. "The war in Ukraine will hit the European economy the hardest given its reliance on Russia's oil," said Takuya Kanda, general manager at Gaitame.com Research Institute in Tokyo. The European Union's eastern nations are stepping up market interventions to protect their currencies from the selloff. The Czech central bank sold foreign currency on Friday, joining the monetary authority in Poland, which intervened for the third time last week.

Source: Irish Independent March 07, 2022 20:13 UTC