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NEW YORK (AP) - The dollar fell to a record low against the euro and sank to its lowest level in more than 12 years against the yen Monday, as investors reacted to the latest emergency rate cut by the U.S. Federal Reserve and to news that JPMorgan Chase is buying rival investment bank Bear Stearns for a fraction of what it was worth last week.
The euro rose as high as $1.5904 but soon fell back to $1.5731 in late New York trading. That was still above the $1.5687 it bought late Friday.
The dollar fell as low as 95.72 yen, its lowest since August 1995, before recovering to 98.04 yen but still below the 99.21 yen it bought late Friday. The dollar broke below 100 yen just last Thursday.
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