A day after Fed Chair Jerome Powell advocated additional U.S. rate increases, the U.S. dollar strengthened versus its major pairs on Thursday as a wave of interest rate increases by numerous central banks fueled concerns about the state of the world economy.

After the Bank of England (BoE), the Swiss National Bank (SNB), and Norges Bank all raised their benchmark interest rates on Thursday, the pound was erratic, the Swiss franc declined, and the Norwegian crown rose.

The dollar index climbed to 102.23 by 0.21%.

USD/JPY advanced by 0.5% at 142.645 yen.

GBP/USD/ dipped 0.11% at $1.2754, following the Monetary Policy Committee (MPC) of the Bank of England's (7-2) decision to boost the main interest rate to 5% from 4.5%, the highest level since 2008 and the biggest rate hike since February.

In contrast, the Norwegian crown gained around 1% against the US dollar after the Norges Bank increased its benchmark interest rate by 50 basis points to a 15-year high, which was higher than most analysts surveyed by Reuters had predicted, and said it planned another increase for August.