Sri Lanka, April 9 -- Despite a significant rise in US tariffs, most major global currencies have appreciated against the US dollar since the start of the year, according to Fitch Ratings' latest FX Market Monitor.

Fitch notes that developed market currencies-excluding the Australian dollar-have risen by an unweighted average of 4.5% since the end of 2024. Analysts believe that market concerns over the potential negative impact of higher tariffs on US economic growth have outweighed the expected narrowing of the US trade deficit, leading to a weaker dollar.

Emerging market currencies have shown more mixed trends. The Russian rouble has surged by around 30%, while the Brazilian real and Polish zloty have also posted strong gains. In cont...