Dollar hits record low against euro
Thursday, 13 September 2007
TOKYO, Sept 12 (AFP): The dollar hit a record low against the euro in Asian trade today, pressured by fears of a US recession and prospects of a Federal Reserve interest rate cut, dealers said.
They said that the yen was slightly stronger as the market took news of the resignation of Japanese Prime Minister Shinzo Abe in stride.
The euro hit a record high of 1.3878 dollars in Tokyo afternoon trade before easing to 1.3869, up from 1.3838 in New York late on Tuesday.
The dollar slipped to 113.97 yen from 114.28. The euro eased to 157.97 yen from 158.13.
The greenback remained on the backfoot against a basket of six major currencies for a third consecutive day, with the dollar index falling overnight to 79.60, approaching a record low of 78.19 seen in 1992, dealers said.
They said that the yen was slightly stronger as the market took news of the resignation of Japanese Prime Minister Shinzo Abe in stride.
The euro hit a record high of 1.3878 dollars in Tokyo afternoon trade before easing to 1.3869, up from 1.3838 in New York late on Tuesday.
The dollar slipped to 113.97 yen from 114.28. The euro eased to 157.97 yen from 158.13.
The greenback remained on the backfoot against a basket of six major currencies for a third consecutive day, with the dollar index falling overnight to 79.60, approaching a record low of 78.19 seen in 1992, dealers said.