Swiss franc falls to 14-year low against the dollar
The Swiss franc has fallen to its lowest level against the dollar in 14 years after the franc closed at 1.82 to the United States' dollar after trading in Switzerland ended on Thursday.
The American currency is gaining strength against the franc. Since last Friday, the dollar has risen from 1.78 to 1.82.
In July, the Swiss franc was trading at 1.67 against the green back. But on Thursday, the dollar’s strength set a new 14-year record of 1.8274, with mild fluctuations.
Shadowing the Swiss franc’s fall against the dollar, the euro is also taking a pummelling. The euro is trading at 1.50 to the franc.
General factors that have been influencing the stock market recently include the continued violence in the Middle East and a surge in crude prices, despite the Organisation for Petroleum Exporting Countries’ (OPEC) pledge to boost production.
Meanwhile, the Swiss Market Index gained 26 points on Thursday to reach 7859 points, which is a 0.33 per cent rise.
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