Dollar continues to lose value

Dollar continues to lose value

In international exchange market, dollar maintains to float downward against the major currencies. Skeptical markets drove the dollar to another all-time low Thursday against the euro, with the European currency climbed to $1.32 for the first time. The drop in dollar is mainly attributed to the concerns over the US trade and budget deficits. Against the yen, the dollar fell to as low as 102.41 yen, the lowest since early 2000. The dollar was later quoted at 102.57 yen compared with 102.79 yen late on Wednesday. Meanwhile, the price of gold rose above 450 dollars an ounce for the first time in the last 16 years, continuing its inverse correlation with the dollar.