The dollar slumped to a
seven-month low against the euro and the yen as most traders concluded
the Federal Reserve will refrain from raising interest rates next month
amid a global stock-market rout.
The greenback fell to
the lowest since January as declining commodity and share prices
deepened a plunge in emerging-market currencies that started after
China’s shock devaluation of the yuan on Aug. 11.
The dollar fell 2.4
percent to $1.1663 per euro at 9:23 a.m. in New York after falling as
low as 1.1714, the weakest since Jan. 15. It dropped 3.8 percent to
117.44 yen after reaching 116.18, the lowest since Jan 16.
Source: Bloomberg
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