File photo shows an investor monitoring share prices at a securities company in Shanghai November 12, 2003. REUTERS/Claro Cortes IV

TOKYO (Reuters) - The dollar’s sharp slide deepened on Monday when it fell to a record low against a basket of major currencies as expectations for more aggressive Federal Reserve interest rate cuts ignited selling of the U.S. currency.

The dollar fell as low as 73.551 .DXY against a basket of six major currencies, taking it to the lowest since the dollar index was started in 1973.

The drop came as the dollar hit a three-year low against the yen at 103.06 yen, down 0.7 percent on the day, as a sell-off in Wall Street shares last Friday spurred an unwinding of carry trades. Asian markets were expected to track that fall.