Dollar hits record lows against the euro

THE dollar hit record lows against the euro, the Swiss franc and other major currencies yesterday, primed by fears of a significant US recession and expectations that interest rates will be slashed further by the US central bank.

As a result the euro reached another record high of €1.5240 against the US currency yesterday morning before falling slightly to trade within a range of €1.5186 to €1.5197.

It also hit new highs against sterling touching 76.54p yesterday afternoon, the highest level since its creation in 1999.