The dollar rallied broadly Thursday, lifted by safe-haven buying as renewed concerns about the global economy sent investors scurrying for the perceived security of the U.S. currency.

Worries about global growth and the stability of some financial institutions have spurred demand for the dollar, often viewed as a safe store of value in times of turmoil.

The dollar index, which measures the greenback against a basket of six major currencies, rose sharply.

The euro fell against the dollar, reflecting the increased risk aversion in the market.

Analysts noted that the dollar’s strength was primarily driven by external factors rather than any specific positive developments in the U.S. economy itself.

“The dollar is benefiting from its safe-haven status,” said [Analyst Name], chief currency strategist at [Firm Name]. “As long as uncertainty persists, we expect the dollar to remain well-supported.”

The yen also experienced some safe-haven demand, but the dollar’s gains were more pronounced due to its greater liquidity and role as the world’s reserve currency.

Commodity-linked currencies, such as the Australian dollar and the Canadian dollar, weakened against the U.S. dollar as commodity prices declined amid concerns about global demand.

Looking ahead, market participants will be closely monitoring economic data and developments in the financial sector for further clues about the direction of the dollar.