LONDON: The dollar hit a 14-year high against a basket of currencies on Wednesday as a post-US election sell-off resumed across global bond markets, lifting Treasury yields and attracting investors to the US currency.

The Bank for International Settlements this week reiterated that a stronger dollar poses risks for global markets. Investors have largely shru­gged off these warnings. The dollar index, a measure of its value against a basket of currencies, rose to 100.53 on Wednesday, its highest since April 2003.

The dollar rose 0.5pc against the yen to a five-month high of 109.75 yen, rose to an eight-year high against the Chinese yuan of 6.8703 yuan and the euro fell below $1.07 for the first time in a year.