Dollar at record low against euro

It took $1.53 to buy one euro after concerns about the health of the US economy further weakened the currency.

Traders' worries worsened after the US Treasury Secretary said the economy had slowed "appreciably".

He told a congressional committee the slowdown was due to problems in the housing market, higher energy prices and turmoil in the financial markets.

"We recognise that the risks are to the downside and that's why we moved as quickly as we did with the help of Congress to put in place a stimulus package," Mr Paulson said.

But he predicted the economy would continue to grow in 2008.

The weakness of the dollar against the euro worries European businesses that export, as it makes their products more expensive to customers buying with dollars.

This week, European Central Bank president Jean-Claude Trichet expressed concerns about the potental damage to exporters' profits.