Dollar near 4-week low after Summers drops out of Fed race

TOKYO: The dollar stayed near a four-week low on Tuesday after Lawrence Summers' withdrawal from the race to lead the Federal Reserve reduced expectations of a faster pace of monetary policy tightening by the U.S. central bank.

The decision by the former U.S. Treasury secretary - who is regarded by investors as relatively hawkish - left Federal Reserve Vice Chair Janet Yellen as the front-runner. Traders said the Fed is likely to continue a slow, cautious approach to tightening policy if Yellen is named to replace current Chairman Ben Bernanke.