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DOLLAR HITS 13-YR LOW VS YEN AS AUTOS BAILOUT FAILS – Dollar dives below 89 yen, hits 13-year low

Posted by Gilmour Poincaree on December 12, 2008

December 12, 2008

by Kaori Kaneko – Reuters

PUBLISHED BY ‘THE FINANCIAL MIRROR’

The dollar hit a 13-year low against the yen on Friday after the U.S. Senate failed to agree on a bailout for U.S. automakers.

The U.S. Senate failed on Thursday night to reach a last-ditch compromise to bail out U.S. automakers, effectively killing any chance of congressional action this year.

The $14 billion legislation officially died in the Senate late on Thursday after supporters failed to get enough support in a procedural vote.

“It has become really severe for the prospect of the bailout plan,” said Mitsuru Sahara, senior manager at Bank of Tokyo-Mitsuibishi UFJ.

Traders said there were fewer market participants, making market swings larger, pushing the dollar below 89.00 yen for the first time in 13 years.

The dollar fell as low as 88.40 yen, the lowest since 1995.

The euro declined 0.4 percent to $1.3313.

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PUBLISHED BY ‘THE FINANCIAL MIRROR’

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