Euro plunges to one-month low vs dollar and yen

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Euro plunges to one-month low vs dollar and yen

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The euro fell to one-month lows against the dollar and yen in Asia on Wednesday.

16 November,2011 11:43 am

After rising borrowing costs for Italy and other European nations stoked concerns over the region’s debt crisis.The euro fetched $1.3452 in Tokyo afternoon trade after falling to $1.3437, the lowest level since October 10. The single European unit fell to 103.58, also the lowest level since mid-October.The euro bought $1.3536 and 104.31 yen in New York late Tuesday. The dollar was almost flat on Wednesday, changing hands at 77.01 yen compared with 77.05 yen in New York.Traders pointed out their worsening outlook for the European debt problem, which has put upward pressure on European sovereign bond yields.