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Dollar slides to 13-year low against yen

This article was posted on Oct 24, 2008 and is filed under Market Outlook

TOKYO: The dollar fell on Friday to the lower 95 yen level, its weakest level against the Japanese currency in 13 years as fears grew of a global recession. The yen rose to 95.32 against the dollar, its highest against the greenback since August 1995, before easing slightly back.

The yen often rises at times of financial turmoil as dealers unwind risky bets financed with the currency of Japan, which has the lowest interest rates among major economies.

source: Economictimes

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