UPDATES ON OCT 23 2008

OCT 23 THURSDAY

Euro Falls to Lowest Since 2003 Against Yen as Stocks Plunge .

The euro fell to the lowest level since January 2003 against

the yen as global stocks plunged, encouraging investors to

cut holdings of higher-yielding assets funded in the

Japanese currency.

The 15-nation currency dropped below $1.28 for the first time

since November 2006 yesterday and the British pound

tumbled to a five-year low on bets Europe's central banks

will cut borrowing costs as the global economy heads for a

recession. The Brazilian real and the Russian ruble dropped

against the dollar as speculation Argentina will default

reduced demand for emerging-market assets.

The dollar advanced against 15 of the 16 most-active currencies

on speculation U.S. investors will repatriate funds held in

overseas stocks and bonds on concern the global economy

will slow further.

The Dollar index traded on ICE futures in New York, which

tracks the greenback against the currencies of six major

trading partners, rose to 85.710 from 85.370 yesterday.

It earlier reached 86.070, the highest since October 2006.