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Dollar falls, but markets stem its losses

NEW YORK -- The dollar fell against other major currencies Friday, but its losses were stemmed by a slight rebound in U.S. stock and bond markets.

In late New York trading, the euro was quoted at $1.0428, up from $1.0397 late Thursday. The dollar also was quoted at 121.43 Japanese yen, down from 121.78.The dollar had been dragged lower this week by faltering stocks and bonds, which have been hit by concerns that the Federal Reserve will raise interest rates at its policy meeting next Tuesday.

But a slight rebound on Wall Street and in the U.S. Treasury market Friday helped lend some support to the dollar and slow its slide.

The euro and yen were also aided by growing optimism about the economic outlook in Europe after the end of hostilities in Kosovo and in Japan if the government comes up with another fiscal stimulus package.

The dollar also was quoted at 1.5324 Swiss francs, down from 1.5336, and 1.4662 Canadian dollars, down from 1.4722. The British pound slipped to $1.5873 from $1.5888.

Currencies of the 11 countries participating in the euro are no longer traded separately and are tied to the euro by a fixed rate.