In addition to its safe-haven status, the dollar is benefiting from bets on tight monetary policy ahead of the U.S. Federal Reserve's decision.
The dollar jumped to a 20-year high against other major currencies Wednesday, Sept. 21, after President Vladimir Putin decreed a partial mobilization and said he was ready to use "all means" to defend himself, Le Parisien reported.
The dollar index rose to 110.87 points, the highest since 2002.
"This is not a bluff," Vladimir Putin said, accusing Western countries of wanting to destroy Russia, resorting to nuclear blackmail against it and indicating readiness to use nuclear weapons. "Fears about a possible escalation of a special operation in Ukraine with the mobilization of hundreds of thousands of Russian reservists are sending investors to safe havens," said Suzanne Streeter, an analyst at Hargreaves Lansdown.