World Economy

Dollar at 8-Month Low

Dollar at 8-Month LowDollar at 8-Month Low

The US dollar remained on the defensive on Tuesday, after carving out a fresh low on the break of a technical barrier overnight as momentum sellers joined in the fray, Reuters reported. The dollar index was swept to a near eight-month low of 93.75 on Monday as the October trough of 93.80 gave way. It has since drifted back to 94.01 in early Asia. Still, the index has shed nearly 3% after recent dovish comments by Federal Reserve Chair Janet Yellen doused expectations for hikes in US interest rates anytime soon.