Dollar index holds ground above 99 mark

The US dollar index managed to hold ground amid intense selling pressure in equities. The US equities closed with deep losses yesterday. The major averages added to the notable losses posted during Monday's session, testing their lowest closing levels in a month. The Dow lost 1.1% as a drop from record highs extended. The Nasdaq tumbled 1.2% and the S&P 500 fell 0.8%. The US dollar index is currently quoting at 99.44, up marginally on the day and hitting near one-week high of 99.60 in intraday moves. Meanwhile, the US government has noted that it is scrapping tariffs on coffee, tea, tropical fruits, nuts, spices and several other commodities.

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