U.S. dollar hits new low against Swiss franc

The U.S. dollar has hit a record low against the Swiss franc of 0.7485 centimes to the dollar - a drop of almost 30 percent from a year ago.

The slump Monday came on the first day of European trading following the U.S. government debt downgrade last week.

The Swiss government was holding an emergency meeting Monday to discuss the current turmoil on the financial markets and how to deal with the increasingly valuable franc that is hurting Swiss exporters.

Shares in Swiss watchmaker Swatch Group were the worst performers among the 20-strong SMI bluechip index on the Zurich exchange.

Swatch shares were down 2.5 percent at 353.50 francs ($465.74), while shares of Swiss banks pushed the SMI as a whole into positive territory in morning trading.