GBP falls against USD

Dhaka, Bangladesh (BBN) – The British Pound (GBP) hit an eight-week low of 1.6224 against the US Dollar (USD) on concern over fiscal health and a hefty fall in the value of Royal Bank of Scotland shares.

The European single currency (EUR) fell to a one-month low against the USD after Fitch ratings downgraded Greece. EUR fell as low as 1.4665 against the USD, according to reports.

US stocks gained after a rally in commodity stocks and increased wholesale inventories overshadowed concerns that debt defaults will spread through the global economy. The Dow Jones Industrial average increased 51.08 points, to 10,337.05 from the previous day. The NASDAQ Composite gained 10.74 points to close at 2,183.73.

BBN/SS/SI/AD-10December09-11:25 am (BST) 

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