Dollar at record low

NEW YORK -The dollar plunged below ¥100 for the first time in over a decade yesterday and hit a record low versus the euro as worries deepened on Wall Street that the United States had entered a recession.

By (Reuters)

Published: Fri 14 Mar 2008, 9:49 AM

Last updated: Sun 5 Apr 2015, 1:19 PM

The dollar also hit a record low against a basket of major currencies and oil and gold hit all-time highs. Data showing US retail sales fell unexpectedly last month added to the concerns about the economy.

“The slowdown that we know is happening in the banks has manifested itself on Main Street. These economic numbers are going to get much worse,” said Joe Francomano, vice-president for foreign exchange at Erste Bank in New York.

The dollar fell overnight to ¥99.77, its lowest level since 1995, before recovering to around ¥100.45 in early New York trade, about 1 per cent weaker on the day.

The euro hit a fresh record high at $1.5624 before easing to $1.5575, little changed on the day.

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