Dollar rises after latest rate cut by the Fed (AP) (20-03-2008)

NEW YORK (AP) -- The dollar inched up against major currencies Wednesday and advanced to make the euro worth $1.5613 in late New York trading, down from $1.5711 the night before.

The dollar was unchanged at 100.00 Japanese yen after hitting a 12-year low of 95.77 on Tuesday. The British pound fell to $1.9849 from $2.0182.

The dollar had been tumbling against major currencies in recent weeks, as worry mounted regarding the economy as market turmoil and a persistent credit crisis have threatened the stability of the U.S. financial system. Many economists believe the country is already in recession.

In other late New York trading, the dollar slipped to 1.0009 Swiss francs from 1.0032 Swiss francs.

Source: AP