US Dollar Index hits 103.41, highest since April 2025

Key takeaways

• The US Dollar Index (DXY) rose 0.23% to 103.41 at the close of Friday's session (21:59 UTC) on Nov 13, 2026, its fourth straight gain, according to Yahoo Finance daily data.
• Over those four sessions (Nov 10 to Nov 13, 2026) the index gained 1.73%, and the 103.41 close was the highest daily close in the past 52 weeks of Yahoo Finance data. CNBC described the dollar's level on Nov 13, 2026 as its highest since April 2025.
• CNBC and Malaysia's Bernama news agency linked the rise to traders betting on a Federal Reserve rate hike in December 2026. October 2026 US consumer prices rose more than forecast, and Fed Governor Christopher Waller said on Nov 10, 2026 that a half-point hike should be considered.
• In ASEAN, the dollar rose against the Malaysian ringgit to 4.0845/0890 at the 6 pm Kuala Lumpur close (10:00 UTC) on Nov 13, 2026, from 4.0565/0610 a week earlier, Bernama reported.

The US Dollar Index closed at 103.41 on Friday, Nov 13, 2026 (21:59 UTC), up 1.73% over four straight sessions and at its highest close in a year, according to Yahoo Finance data. Rising bets on a December 2026 Federal Reserve rate hike were the main driver, CNBC and Bernama reported.

The index measures the dollar against six major currencies, with the euro carrying the largest weight. This week's climb is a multi-session move, not a single-day spike. It follows hotter-than-expected US inflation data and a run of hawkish comments from Fed officials. For investors in Southeast Asia, a stronger dollar matters because it affects local currencies, the cost of servicing dollar debt, and commodity prices quoted in dollars.

The US Dollar Index trend in numbers

All index figures are daily closes from Yahoo Finance's chart data for DX-Y.NYB (ICE US Dollar Index). Data as of 21:59 UTC on Nov 13, 2026. Percentage changes are calculated from the closes shown.

The streak followed a drop on Monday, Nov 9, 2026, when the index fell to 101.65 from 102.30. It then rose on each of the next four sessions: to 102.23 on Nov 10, 102.91 on Nov 11, 103.17 on Nov 12 and 103.41 on Nov 13, 2026. On Nov 13, 2026 it also closed above the previous session's intraday high of 103.24, which had been the top of its 52-week range in the Yahoo Finance data before Friday.

Why the dollar is rising: Fed hike bets after hot inflation

October 2026 CPI beat forecasts

The US Bureau of Labor Statistics released October 2026 consumer price data on Nov 10, 2026. The Mortgage Reports and Karmactive both reported that headline CPI rose 0.4% month on month, against forecasts of 0.3%. Core prices, which exclude food and energy, rose 0.3% against a 0.2% forecast. Both outlets said the BLS did not publish a 12-month inflation rate for October 2026, because October 2025 price data was not collected during the government shutdown.

Hawkish Fed comments

Speaking in London on Nov 10, 2026, Fed Governor Christopher Waller said "a 50 basis point hike in the policy rate should be considered at the December meeting," according to The Mortgage Reports. The Fed's target range is 3.75% to 4.00%, and the Federal Open Market Committee next meets on Dec 8-9, 2026, according to The Mortgage Reports and Karmactive.

Marc Chandler, chief market strategist at Bannockburn Global Forex, told CNBC that the dollar was "driven by a robust jobs report and an acceleration of the CPI." He also pointed to hawkish comments during the week from New York Fed President John Williams and Waller. CNBC reported that traders were pricing in roughly a 90% chance of a 25-basis-point hike in December 2026, citing the CME FedWatch tool. CNBC said rising hike bets had pushed up US Treasury yields.

Broad weakness in other major currencies

CNBC reported on Nov 13, 2026 that the euro fell 0.25% to $1.1025, its weakest since April 2025, and was heading for a fourth straight weekly loss. The yen held at 159.71 per dollar, close to the 160 level. The Australian dollar was the weakest G10 currency against the dollar in November 2026, according to CNBC. CNBC also said the index was on course for its biggest weekly gain since September 2026 and a third straight weekly rise.

What it means for ASEAN currencies

Malaysia's ringgit shows how the move reached Southeast Asia. Bernama, as published by Malay Mail, reported that the ringgit closed at 4.0845/0890 per dollar at 6 pm local time (10:00 UTC) on Nov 13, 2026, down from 4.0565/0610 a week earlier. On the bid rates, that means the dollar rose about 0.69% against the ringgit during the week. Mohd Afzanizam Abdul Rashid, chief economist at Bank Muamalat Malaysia, told Bernama that "investor sentiment continues to favour the greenback" on expectations of a sizeable Fed hike in December 2026.

In the same Bernama report, the ringgit fell slightly against the Indonesian rupiah, the Singapore dollar and the Philippine peso on Nov 13, 2026, but rose against the Thai baht. Bullquill did not find a primary source for rupiah, baht, peso or dong closing rates against the dollar on Nov 13, 2026, so this article does not quote them.

Key levels being watched

• Dollar Index: 103.24 was the previous 52-week intraday high in Yahoo Finance data, and the index closed above it on Nov 13, 2026. None of the sources reviewed for this article named a specific level above the Nov 13, 2026 intraday high of 103.44.
• Yen: CNBC said traders were watching 160 per dollar for possible intervention. Japanese Finance Minister Satsuki Katayama said Tokyo would respond appropriately to currency volatility.
• Ringgit: Bank Muamalat's Mohd Afzanizam expects the ringgit to trade between 4.07 and 4.10 per dollar in the week of Nov 16, 2026, Bernama reported.

What we know and what we don't know yet

What we know: The index rose four sessions in a row to a one-year closing high of 103.41 on Nov 13, 2026. Outlets agree that October 2026 inflation beat forecasts and that markets now price a December 2026 Fed hike as highly likely.

What we don't know yet: Whether the Fed will raise rates by 25 or 50 basis points at its Dec 8-9, 2026 meeting, or at all. Upcoming data could shift those bets: Bernama said October 2026 US retail sales are due on Nov 17, 2026, and The Mortgage Reports said November 2026 CPI is due on Dec 10, 2026. Japan has not said whether it would intervene in the currency market near 160 yen.

What it means

In general terms, a stronger dollar raises the local-currency cost of dollar-denominated debt and imports for ASEAN economies. That is why regional investors track the index alongside their own exchange rates. In this episode, the sources reviewed tie the move to interest-rate expectations: hotter US inflation data and hawkish Fed speakers lifted the odds of a December 2026 hike. Readers can follow the dollar's broader effect on regional assets in our forex weekly brief and gold weekly brief. For an earlier look at US policy and Southeast Asian markets, see how the US midterm results reached ASEAN markets. Our explainer on how Fed rate decisions affect Bitcoin covers rate transmission to other assets, and the recent VIX drop gives context on US risk sentiment.

This article is for information only and is not investment advice.