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Business

October 13, 2017

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Dollar slips

Dollar slips

Hot Now: SINGAPORE: The dollar hit a two-week low versus a basket of currencies on Thursday after minutes from the U.S. Federal Reserve´s latest meeting suggested some central bankers are still concerned about persistently low inflation.

The dollar index, which measures the greenback´s value against a basket of six major currencies, touched 92.827, its lowest level since Sept. 26. It was last down 0.2 percent at 92.854.The Fed minutes on Wednesday showed many policymakers still felt that another rate increase this year "was likely to be warranted" but several noted that additional tightening was dependent on upcoming inflation data.

"Many participants expressed concern that the low inflation readings this year might reflect the influence of developments that could prove more persistent, and it was noted that some patience in removing policy accommodation while assessing trends in inflation was warranted," the Fed said in its minutes.

"The FOMC minutes indicated that the board was still profoundly divided about the slow pick up in prices," Stephen Innes, head of trading in Asia-Pacific at Oanda, said in a note.

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