.

What they really mean is the collapse of the peso, of course, leading to a much higher exchange rate. The dollar is not going anywhere.

The impact of the USD/EUR exchange rate on inflation in the ... - [ Traducir esta página ]
... we refrain from using the effective exchange rate, which combines the managed exchange rate against the euro and the exchange rate against the dollar. ...
www.entrepreneur.com/tradejournals/.../191856700.html - En caché -
The Island-Business - [ Traducir esta página ]
10 Feb 2010 ... Dealers said Central Bank intervention in the domestic market to manipulate the exchange rate against the dollar did not really have much of ...
www.island.lk/2010/02/10/business1.html - En caché -
Nomura Institute of Capital Markets Research | Reform of China's ... - [ Traducir esta página ]
de CH Kwan
Furthermore, in order to stabilize the exchange rate against the dollar, the government will have to continue intervening in the market, and as a result, ...
papers.ssrn.com/sol3/Delivery.../SSRN_ID876390_code565

Rgds!

it depends on the amount of increase. The other options given are also good

"Rise" does not make sense in this context.

"Price" of the dollar should be rendered as "value" because it fits better.

"Hike" is usually in the context of a "rate hike" and is not really formal enough language for a discussion of the economy.

So the whole phrase would be:

Fearing an increase in the value of the dollar,
the Central Bank had to intervene to slow it down.

(Slowing down an increase sounds much better than slowing down a rise or a hike).

Por temor a una escalada del dólar, el Banco Central debió intervenir para frenarlo.

OXFORD BUSINESS DICTIONARY
soar : rise very quickly
soaring : to be expected to soar
( soaring prices/profits/costs/sales)