New Delhi, June 16 -- For all the worries about the US dollar, it does not seem ready to abdicate its global dominance anytime soon. The prospect of a full-scale war in West Asia after Israel attacked Iran on Friday sent investors globally rushing into the safety of greenback assets.

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This drove the dollar up against a basket of currencies used by analysts to track its strength, arresting a slide that had taken it to its lowest level on this index since March 2022 on Thursday.

The reversal is consistent with the usual pattern every time geopolitics turns grim or uncertain. Its safe haven status remains intact despite America's isolationist...