Dollar falls Sharply vs euro

Published September 13, 2008

LONDON, Sept 12: The dollar wilted against the euro on Friday on an unexpected fall in US retail sales in anxious trading reflecting market uncertainty surrounding the fate of ailing US investment giant Lehman Brothers.

The single European currency in late trade was at $1.4177, up sharply from $1.3969 late Thursday in New York.

But the dollar managed to edge higher against the yen, at 107.37 yen against 107.05 on Thursday after the Japanese economy faltered badly in the three months to June.

Against the euro, the dollar was weighed down by news that US retail sales fell 0.3 per cent in August from July as a government fiscal stimulus faded.

In London trading late Friday, the euro changed hands at $1.4177 against $1.3969 late Thursday, at 151.13 yen (149.55), 0.7944 pounds (0.7956) and 1.6048 Swiss francs (1.5914).

The dollar stood at 107.37 yen (107.05) and 1.1323 Swiss francs (1.1391). The pound was at $1.7846 ($1.7552).

On the London Bullion, the price of gold climbed to $750.25 per ounce at the fixing from $740.75 late on Thursday.—AFP

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