Dollar sinks after US Federal Reserve cut interest rates to battle coronavirus
In a statement, the central bank said it was cutting rates by a half percentage point to a target range of 1.00% to 1.25%.
The dollar index, which measures the greenback’s strength against a basket of six other major currencies, was 0.14 % lower, after falling 0.555% to 96.991 earlier in the session. The index slipped to fresh 6-week low of 96.926 after the interest rate decision before paring losses.
In a statement, the central bank said it was cutting rates by a half percentage point to a target range of 1.00% to 1.25%.
The dollar index, which measures the greenback’s strength against a basket of six other major currencies, was 0.14 % lower, after falling 0.555% to 96.991 earlier in the session. The index slipped to fresh 6-week low of 96.926 after the interest rate decision before paring losses.