The dollar falls to its lowest level in 11 sessions as markets prepare for voting results.

The US dollar declined significantly during trading in the major foreign exchange market on Tuesday, with the dollar index trading at its lowest level in the past 11 sessions, coinciding with the start of voting in the US presidential elections.

As markets brace for the results of the US elections, the chances of knowing who the winner is—either Republican candidate Donald Trump or his Democratic challenger Kamala Harris—seem fairly slim, especially after some reports indicated that at least 165 lawsuits regarding election fraud and vote recounts had been filed even before voting began.

This may mean that the results of the US elections could be revealed after about 46 days due to uncertainty resulting from the potential for a legal battle over the election process's legitimacy.

Alongside the ongoing US elections, the dollar faced strong downward pressure following the release of the final review of the Purchasing Managers' Index (PMI) data for the services sector; the data released today showed that the services PMI stood at 55 points in October, slightly lower than market expectations which had forecasted stability at the preliminary reading of 55.3 points, while the indicator reading was recorded at 55.2 points in September.

These data seemingly raised market expectations regarding the continuation of the US Federal Reserve's interest rate cuts amid economic distress; this caused the US dollar to trade at its lowest level since October 21.

In today's foreign exchange market trading, the dollar index—which measures the performance of the greenback against a basket of six major currencies—registered a decline of about 0.39% to 103.480 points.