Libyan crisis pushes franc up
The Swiss franc hit a record high against the dollar on Thursday, as continuing violence in Libya contributed to economic uncertainty.
For the first time ever the dollar was worth less than 93 Swiss cents. At its lowest it stood at 92.4 cents.
Earlier this month, before fighting broke out in Libya and after the situation in Tunisia and Egypt had stabilized to some extent, the dollar had been creeping upwards and had reached nearly 98 cents.
The euro, too, fell on Thursday against the franc, being worth only just over CHF1.27 at its lowest point. At the beginning of February it had stood at CHF1.32.
Crude oil prices reached almost $120 a barrel at one point on Thursday, sparking fears of a spike in inflation that could slow global economic growth.
The Swiss franc is regarded as a safe haven in times of economic turbulence. The dollar has been below parity since the start of September.
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