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.

This content was published on February 24, 2011 - 21:20 and agencies

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. 

In compliance with the JTI standards

In compliance with the JTI standards

More: SWI certified by the Journalism Trust Initiative

Sort by

Change your password

Do you really want to delete your profile?

Your subscription could not be saved. Please try again.
Almost finished... We need to confirm your email address. To complete the subscription process, please click the link in the email we just sent you.

Discover our weekly must-reads for free!

Sign up to get our top stories straight into your mailbox.

The SBC Privacy Policy provides additional information on how your data is processed.