Dollar Tumbles Against Euro, Yen

Washington, DC, March 17, 2008--The dollar fell to a record low against the euro and to its lowest level in 12 1/2 years against the yen Monday.

Investors were reacting to news that JP Morgan Chase is buying investment bank Bear Stearns, which had seen its stock plummet recently.

In addition, the Federal Reserve on Sunday cut its discount rate, or its lending rate to financial institutions, by a quarter point to 3.25 percent.

The dollar fell as low as 95.72 yen, its lowest point since August 1995. The euro rose as high as $1.5903.

The weak dollar helps U.S. goods sold abroad but makes imports more expensive.