By Melissa Pistilli—Exclusive to Silver Investing News Currency markets, euro zone debt woes and global recovery concerns continue to influence the spot price of silver. Silver prices began to back off the previous weeks' gains late last week as Greece's financial problems continued to impact the currency markets. Investors have also struggled to decipher global economic data, trying to determine whether commodities are headed towards higher ground or destined for further collapse. The latest clue to be picked apart came from India last week as its central bank surprised the markets with an interest rate hike aimed at rising inflation. Both Greece's debt crisis and India's inflation concerns are dollar supportive, putting downward pressure on precious metals prices. The dollar's rise Friday pushed gold and silver prices down far enough to trigger sell stops, sending prices even lower to close in New York at $1107.90 an ounce and $16.96 an ounce, respectively. On Monday, silver prices plunged as low as $16.60 an ounce, as base metals and equities also weakened, before recovering later in the day to finish at Friday's close. Silver continued to drop Tuesday morning as the dollar strengthened, reaching as low as $16.72 before rebounding as the dollar slipped ( supposedly)on weak US housing sales data. After reaching a high of $17.16 for the day, silver closed at $17.02 an ounce. Currency Markets and Greece's Debt Crisis Precious metals traders continue to watch the currency markets for direction, chaining silver to the dollar's moves. And the ongoing drama in Europe over what to do about Greece's debt problems is proving price positive for the greenback. As the euro weakens the dollar strengthens. And that was the case early this morning when the markets reacted to worries the EU won't come to an agreement on a Greek debt aid package at this week's summit in Brussels. "The EU meeting on March 25 and 26 remains key to euro sentiment," said Credit Agricole. Germany's Chancellor Angela Merkel is putting up tough opposition to other EU members urging her to back aid to Greece. There are concerns that without Merkel's support the euro could face further instability.