NEW YORK, April 17. /TASS/. The Bloomberg Dollar Spot Index fell to its lowest level since February 27, fully erasing gains recorded since the start of the US-Iran conflict, Bloomberg reported.

The Bloomberg Dollar Spot Index measures the strength of the US dollar against a basket of 12 major global currencies. The index declined by 0.5% after Iranian Foreign Minister Abbas Araghchi said on Friday that commercial vessels could pass through the Strait of Hormuz during the remaining period of the ceasefire.

Analysts at Bank of America, cited by the agency, warned that fragility associated with the truce persists, and that markets are likely to remain in a headline-driven mode. At the same time, as the conflict winds down, experts point to a longer-term weakening of the dollar linked to concerns over the US budget deficit and the state of the labor market.