Australian dollar crashes to .63 cents

Germany News.Net
Friday 10th October, 2008

The freefall in the Australian dollar continued Friday.

The currency hit a low below .6350 in late trading in New York as fears accelerated of a global recession.

Australia's economy is largely dependent on commodities, demand for which have been drying up in recent weeks.

Another commodity currency, the Canadian dollar was also under pressure. In late New York trading Friday the Canadian dollar fell belo 1.2000 to the dollar.

For the Australian unit the fall has been the most dramatic on currency markets. The dollar has fallen from a high of .9849 reached just over two months ago on July 16. This means the currency has fallen 35 cents or 36%.

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