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09:15, July 15, 2008 |
The dollar fell against major currencies on Monday as a government rescue plan failed to quell worries over the credit market.
Stocks of Fannie Mae and Freddie Mac, the two government-sponsored lenders, plunged last week on concerns about their stability. Investors worried that a collapse of the two financiers would cause further shock to the financial system.
The U.S. Treasury Department announced that it would temporarily increase its credit lines to the government-sponsored enterprises (GSE) and purchase equity of them if needed. The Federal Reserve made its direct lending window to financial firms available to them.
The dollar failed to rebound as investors doubted that the rescue plan could restore stability in the financial markets.
The euro bought 1.5916 dollars in late New York trading compared with 1.5893 dollars it bought late Friday. The British pound rose to 1.9944 dollars from 1.9861 dollars.
The dollar fell to 1.0161 Swiss francs from 1.0191 Swiss francs, and fell to 106.12 Japanese yen from 106.64 Japanese yen. It fell to 1.0054 Canadian dollars from 1.0097 Canadian dollars.
Source:Xinhua
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