April 20, 2007	Friday	Rabi-us-Sani 02, 1428

LONDON, April 19: The euro traded close to its record high against the dollar on Thursday while the Chinese yuan surged to its strongest reading against the US currency since is revaluation in July 2005.

Rising European interest rates are luring foreign investors to make short-term deposits in euros and pounds, thereby increasing the value of those currencies on the foreign exchange market.

The European single currency, which hit its all-time high of $1.3666 in December 2004, surged past $1.36 on Wednesday while sterling hit a near 26-year high against the US currency.

The euro in late trade here on Thursday had eased back to $1.3605 from 1.3607 late Wednesday in New York. The pound sterling, after rising to $2.0133 on Wednesday was trading at 2.0024. The US currency slipped to 118.37 yen from 118.66 on Wednesday.

The Chinese yuan meanwhile rose to 7.7165 to the dollar on Thursday.The euro in late trade was changing hands at $1.3605, against $1.3607 late Wednesday, 161.03 yen (161.49), 0.6794 pounds (0.6775) and 1.6393 Swiss francs (1.6379).—AFP