Dollar Pushed to Biggest Two-day Fall in 13 years

New Delhi: Dollar got its biggest two-day drop in 13 years on Friday.

It headed for the biggest drop as investors piled into riskier assets after a cooler reading of U.S. inflation helped temper expectations for the Federal Reserve to keep raising rates as quickly.

Global stocks rallied yesterday for a second day in hopes that U.S. inflation would lead to less aggressive interest rate hikes by the Federal Reserve.

As a consequence,  the dollar was pushed to its biggest two-day drop in 13 years. The Dow Jones Industrial Average and the S&P 500 gained 0.1 percent and the Nasdaq Composite advanced 1.9 percent.

The dollar index was down nearly 1.1%, having lost over 3% in the last two days – its biggest two-day decline since March 2009.