Dollar weakness stirs recession concerns

WASHINGTON, March 13 (UPI) -- The U.S. dollar fell to its lowest point against the euro and reached a 13-year low against the Japanese yen Thursday, as recession worries mounted.

A growing number of analysts are calling the weaking dollar evidence of an economic downturn.

The dollar bought 99.77 yen Thursday morning, its lowest exchange rate since October 1995.

U.S. markets rebounded through the day, and the dollar strengthened, reaching 100.51 yen as the markets closed.

The euro peaked at $1.5613, its highest point against the dollar since the euro was introduced in 2002.

The dollar also sank against the Singapore dollar Thursday and lost ground against the Brazilian real and the Swiss franc.

White House spokesman Tony Fratto said President George Bush's recent comment that he was "absolutely" committed to keeping the dollar strong, did not signal a change in policy, The Wall Street Journal reported.