New Delhi, March 18 -- The US dollar, the world's reserve currency, hovered near a five-month low against major peers in Tuesday's session, as concerns over a slowdown in the American economy-amid escalating trade tensions from Donald Trump's tariff wars-dented sentiment, causing the greenback to fall 6.4% from its January high of 110.

The euro topped $1.09, hovering near November highs, as traders awaited further updates on Germany's fiscal stimulus. The Indian rupee, on the other hand, remained weak, trading at 87.25 against the US dollar and staying relatively close to its record low of 88, touched in early February.

Despite the US dollar's plunge in March, tight liquidity levels and slowing growth forced the RBI to ease its firm con...