On Monday, the greenback modestly declined from the highest level in five weeks following a stretch of strength that confounded observers.

While weekend elections appeared to be headed for a rerun, the Turkish lira plunged to a two-month low, while the Thai baht appreciated following a more clear-cut election outcome.

According to analysts, a variety of variables, including worries about U.S. inflation, the debt ceiling impasse, and global economic growth that encourage safe-haven buying, could be to blame for the dollar's recent gain.

The dollar index that gauges the greenback versus its major pairs slid 0.19% to 102.49. That was barely below the session high of 102.75, which had been reached earlier.

EUR/USD edged up 0.27% at $1.088, recovering post 1.54% slip in the earlier week.

GBP/USD advanced by 0.28% at $1.248, after falling 1.45% the previous week.

USD/JPY ticked up by 0.18% at 136.01. post climbing 0.67% the previous week.

As U.S. economy slows, traders anticipate a significant interest rate drop from the Fed before the end of the year. Tan, though, asserted that significant cuts are unlikely and that when traders rethink their minds, the dollar may climb.