Dollar tumbles to fresh lows against the euro, yen

TOKYO - The euro soared to a new record high above 1.58 dollars on Monday while the greenback slumped to a 12-year low against the yen amid growing worries about the health of the US economy, dealers said.
The dollar fell to as low as 96.57 yen, a level not seen since September 1995, while the euro hit a fresh lifetime high of 1.5808 dollars.
The Federal Reserve late Sunday cut its discount rate a quarter-point for certain financial institutions and said it would offer immediate liquidity to the brokerage system "to promote orderly market functioning."
The move came amid growing concerns about the US financial system following the near collapse of US investment bank Bear Stearns.
dr/mc

03/17/2008 00:50 GMT