The friendless yen is experiencing its third straight week of decline. This Friday, it was heading for its worst week in two years, weighed down by rising import costs from Japan and low interest rates, while commodity currencies were expected to register a second consecutive weekly gain on the dollar, with export prices remaining high.

The euro was slightly weaker this week and was stuck at $1.1005 on fears that the conflict in Ukraine will hurt the European economy by increasing energy and food costs. However, the European currency rose slightly against the US dollar, while the Swiss franc gained ground following the meeting of its central bank, which was less worried than expected on the strength of its currency.

The yen, on the other hand, is falling and lost 2.6% against the greenback over the week. He breached the psychological barrier of 120 percent and, at 122.44. It aims to test the major resistance around 123.70.

The pound hovered around $1.3190 as traders weighed the cautiously dovish outlook from the Bank of England against February data that showed higher-than-expected inflation. The Russian ruble traded firmly in Moscow overnight following Russian President Vladimir Putin's promise to start selling gas to 'unfriendly' countries in rubles, but returned some gains in thin offshore trading .