The dollar retreated following its longest weekly rally of 2015 as a selloff in stocks and commodities fueled concern global growth will sag as the U.S. considers raising interest rates.

The U.S. currency weakened against most major peers amid renewed questions about whether the U.S. faces enough inflation pressure to warrant an increase in borrowing costs. The Federal Reserve meets this week to consider when to tighten monetary policy for the first time since 2006.

The Bloomberg Dollar Spot Index, which tracks the currency against 10 major peers, declined 0.4 percent to 1,204.57 at 5 p.m. in New York, after rising to 1,212.78 on Friday, the highest since March 19. The gauge gained for the past five weeks, the longest stretch this year.

The dollar weakened 1 percent versus the euro to $1.1088. It earlier reached $1.1129 per euro, its weakest since July 13. The U.S. currency fell 0.5 percent to 123.25 yen.

Source: Bloomberg