The dollar rose broadly on Friday as deepening worries about the global economy prompted investors to seek shelter in the perceived safety of the U.S. currency.

Mounting evidence of a synchronized global recession has spurred risk aversion, benefiting the dollar, which often gains during times of economic turmoil.

“The dollar is acting as a safe haven,” said John Smith, a currency strategist at a major investment bank. “We’re seeing a broad-based move into the dollar as investors become increasingly concerned about the global growth outlook.”

The euro fell to a session low against the dollar, while the British pound also weakened. Emerging market currencies were particularly hard hit, reflecting the heightened risk aversion.

Analysts noted that the dollar’s strength could be a double-edged sword for the U.S. economy. While a stronger dollar could help to curb inflation, it could also hurt U.S. exports by making them more expensive for foreign buyers.

Despite the potential drawbacks, the dollar is expected to remain supported as long as global economic uncertainty persists. Investors are likely to continue to seek the relative safety of the U.S. currency until there are clear signs of a global economic recovery.