Dollar nosedives in initial trades

Dollar nosedives in initial trades

Triggered by the nervousness of the US elections, the dollar slipped from its position of the previous session. It plunged to the lowest level in the past two years compared to yuan. Also, it took a browbeat against other Asian currencies. It was compounded by Joe Biden emerging as the supreme leader.

However, incumbent Donald Trump of the Republican has opened a barrage of accusations on the counting in several states and filed lawsuits against the practice. Traders believe that it can hamper the greenback for a few more days.

Besides, the euro is considering negative interest rates following the media report of the Bank of England announcing a policy announcement. Meanwhile, Sterling observed a slip against the US dollar.

The British Pound slid to $1.2947 witnessing 0.35 per cent fall. Additionally, against the euro, it edged down to 90.45 pence by 0.22 per cent.

In Asia, the euro was bought at $1.1713 on Thursday.

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