LONDON, Nov 20: The dollar and euro held to narrow ranges on Thursday against a darkening economic backdrop which sparked another round of very heavy losses on global markets.

Dealers said the dollar benefited from its safe-haven attributes, reflected in continued fund flows into the US unit even though the United States is the epicentre of the financial crisis that has laid the world low.

In late London trade, the euro was at 1.2521 dollars, down from 1.2527 dollars earlier but up from 1.2508 dollars in New York late on Wednesday.

The dollar fell to 94.83 yen from 95.77 yen on Wednesday.

The yen managed to shrug off news that Japanese exports dropped at the fastest pace in almost seven years, pushing Asia's largest economy deeper into recession.

In late trade on Thursday, the euro changed hands at 1.2521 dollars against 1.2508 dollars late on Wednesday, at 118.82 yen (119.82), 0.8473 pounds (0.8356) and 1.5280 Swiss francs (1.5163).

The dollar stood at 94.83 yen (95.77) and 1.2198 Swiss francs (1.2119).—AFP