Dollar falls below six kronor mark

Dollar falls below six kronor mark
The dollar temporarily fell below the six kronor in morning trading before returning to just above six kronor per dollar.

At 9.40 Monday morning the dollar was back trading at just over six kronor, the weakest the exchange rate since the Riksbank let the krona float in November of 1992.

The dollar fell against all noteworthy currencies during Monday morning trading as fears increased about a crisis in US financial markets following the rescue purchase of investment bank Bear Stearns by competitor JP Morgan.

Against the yen the dollar reached its lowest levels since 1995. The dollar also hit a record low against the Swiss franc.

As the dollar dropped, the dollar-valued price of oil reached new heights. The price for oil for April delivery hit $111.80 a barrel.

The price of gold is also on the rise, treading close to record high levels.