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Swiss franc overtakes the dollar

The value of the dollar briefly dropped below one Swiss franc for the first time in history on Friday.

At one point it was trading at SFr0.9986 before recovering to slightly above parity by early afternoon.

The dollar, which has lost nearly SFr0.14 since the beginning of the year, also fell to a record low against the euro.

Experts say the continuing fall of the US currency is the result of the country’s financial crisis and fears of a recession which is likely to bring a cut in the interest rate.

Swiss businesses are concerned at the rising value of the franc, which will make Swiss exports more expensive on the US market.

In the last 40 years the dollar-franc exchange rate has fluctuated considerably.

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SWI swissinfo.ch - a branch of Swiss Broadcasting Corporation SRG SSR