The dollar, which has been on a downward trend since 2005, plumbed new depths in the wake of the credit crisis and the US Federal Reserve's decision to cut interest rates, at one point reaching its lowest level since the modern era of floating exchange rates began in 1971.
This decline led Rodrigo Rato, managing director of the International Monetary Fund, to tell the FT that the dollar now appears "undervalued" on many IMF measures.
