02 May '11, 4am

Dollar rises on reports Osama bin Laden is dead

TOKYO : The US dollar rose against the euro and the yen after reports on Monday that Al Qaeda leader Osama bin Laden had been killed nearly 10 years after the September 11 attacks. The dollar rose against the euro, which fetched 1.4764 dollars from 1.4864 in earlier trade. The dollar was at 81.66 yen from 81.19 earlier. Investors unwound short dollar positions on falls in crude oil prices on the news that Osama is dead, Tomohiro Nishida, senior dealer at Chuo Mitsui Trust and Banking, told Dow Jones Newswires. US President Barack Obama said in a dramatic televised address that Al Qaeda leader had been killed in an operation in Pakistan. US armed forces have been hunting Osama for years, an effort that was redoubled following the attacks on the World Trade Center in New York and the Pentagon, which killed 3,000 people in 2001.

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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