BUSINESS

Dollar at 15-year low against yen

The U.S. dollar has fallen to a 15-year low against the Japanese yen after the U.S. Federal Reserve announced new measures to shore up the ailing American economy.

The greenback was quoted at 84.71 yen late on Wednesday in Tokyo, the lowest since 1995.

The dollar's recent weakness against the yen is making Japanese exports less competitive in overseas markets and is knocking shares of Japan's manufacturers like Sony Corp. and Toyota Motor Corp.

The Nikkei 225 stock average on Wednesday tumbled 258.20, or 2.7 per cent, to 9,292.85. — AFP

Sharp fall in rupee

PTI reports from Mumbai:

The rupee fell to its lowest in nearly two weeks on Wednesday as the euro lost ground against the dollar on a bout of risk aversion while a decline in Asian stock markets raised concerns about the momentum of capital inflows.

The rupee ended at 46.70/71 a dollar, off an intraday low of 46.74, against 46.39/40 on Tuesday. This is rupee's biggest single-day fall since July 19.

The Fed on Tuesday took a small but significant step to counter a weakening U.S. economic recovery, saying it would use cash from maturing mortgage bonds it holds to buy more government debt.



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