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US dollar up on senate vote
US dollar up on senate vote
Last Modified: 02 Oct 2008
By:
James Blake, Sarah Smith
The US Senate approves the revised $700bn financial rescue plan, reports James Blake.
The US dollar has been on the rise against other currencies across the world after the overnight vote by the upper house supported the scheme by 74 votes to 25.
This puts new pressure on the house of representatives to reverse its opposition to the bailout when it votes tomorrow.
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After the collapse of the US sub-prime mortgage market, the global economy is in the throes of a credit crunch.
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