Business | Markets
Channel Sponsor
Dollar climbs strongly on high demand
The US dollar surged to a one-and-a-half year peak versus a basket of currencies on Tuesday due to strong demand from financial institutions.
- Reuters
- Published: 23:45 October 21, 2008
New York: The US dollar surged to a one-and-a-half year peak versus a basket of currencies on Tuesday due to strong demand from financial institutions.
Analysts said the demand for the greenback was also driven by signs that mom-entum was building for a second programme to stimulate the US economy.
The ICE Futures US dollar index climbed to 83.846, its highest since March 2007, according to Reuters data. The index, which measures the greenback's value against a basket of six currencies, was last up one per cent at 83.781.
The euro dropped to its lowest level since March 2007 at $1.3161, according to Reuters data. It was last down 1.3 per cent at $1.3169.
Share this article
Popular in Business
-
Budget travel
Airlines in the region
Take a pictorial look at some of the budget airlines in GCC
Business Editor's choice
-
Credit swaps... a fair trade
Would you swap an unbuilt unit at the Lagoons for an apartment at JBR?
-
In pictures: New BMW Z4
The new model is much more user-friendly and driver focused
-
Lebanon realty robust
Overseas Lebanese fuel real estate surge
