Euro jumps vs dollar on Wall Street selloff
Euro jumped against the dollar on Thursday.
Delhi: The euro jumped against the dollar on Thursday as growing losses on Wall Street led investors, who had held euro-funded positions in which the low-yielding currency is borrowed and sold in favour in higher-yielding ones, to buy back the euro.
Major U.S. stock indexes fell more than 2 percent on worries about the Chinese economy and falling oil prices. The euro was up more than 1 percent against the greenback at $1.0896 ; it hit a one-month low of $1.0709 two days ago.
The single currency was up 0.4 percent at 128.14 yen, rebounding from 126.75 yen, which was the lowest level since mid-April set earlier on Thursday.