Investing.com - The dollar slid against a basket of the other major currencies on Monday as immigration restrictions put in place by President Trump underlined concerns over the economic impact of the new administration's policies.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was at 100.52 after falling to overnight lows of 100.14.
On Friday, Trump imposed a travel ban on seven Muslim-majority countries and introduced measures to block refugees from entering the U.S.
The order triggered legal challenges, international criticism, widespread protests and confusion over its implementation at airports.
It also added to fears over the potentially destabilizing impact of the new administration's protectionist policies.
The dollar also remained under pressure after Friday’s weaker-than-expected figures on U.S. fourth quarter growth dampened expectations for a faster rate of interest rate hikes this year.
The annual rate of economic growth slowed to 1.9% in the three months to December the Commerce Department reported, down sharply from the 3.5% rate of growth seen in the third quarter.
The economy grew just 1.6% in 2016 as a whole, the slowest rate of growth since 2011.
The slowdown in growth prompted speculation that the Federal Reserve will avoid hiking interest rates too quickly.
The dollar was lower against the yen, with USD/JPY down 0.18% at 114.88.
The euro and the pound were little changed against the dollar, with EUR/USD at 1.0698 and GBP/USD at 1.2548.