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Tuesday, 6 October 2009

Dollar Falls on Report Gulf States May Stop Using Greenback

By Yoshiaki Nohara and Ron Harui


Oct. 6 (Bloomberg) -- The dollar fell against the yen and euro as the Independent newspaper reported China, Japan and the Gulf states may stop using the U.S. currency for oil trading, switching to a basket of currencies.

The dollar also dropped against 13 of its 16 major counterparts as Asian stocks rallied, boosting demand for higher-yielding assets. The euro advanced before a government report forecast to show German factory orders rose for a sixth month in August.

“There are worries that Middle Eastern countries may stop using the dollar in oil transactions,” said Yuji Saito, head of the foreign-exchange group in Tokyo at Societe Generale SA, France’s third-largest bank. “This is causing the dollar to be sold across the board.”

The dollar fell to $1.4691 per euro at 10:52 a.m. in Tokyo from $1.4648 in New York yesterday. The dollar declined to 89.02 yen from 89.53. The euro fetched 130.79 yen from 131.15 yen.

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