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