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PM: ”The Canadian Dollar Is A Floating Currency”

OTTAWA – As the loonie struggled to hold near the 64-cent US mark Tuesday, Prime Minister Jean Chretien insisted his government is doing all it can to support the weak currency.

The dollar, which is flirting with record lows not seen since the Asian economic crisis, has been swamped by nervous investors rushing to the safety of the U.S. greenback.

But it’s still doing better than most other global currencies, Chretien said under repeated questioning in the Commons from the Opposition Canadian Alliance.

“The Canadian dollar is a floating currency and in fact … of all the currencies, in relation to the American dollar, it is the Canadian dollar that has done the best,” Chretien said.

The loonie — which dipped to 63.75 cents US last Friday, its lowest close since the 1998 Asian crisis — ended trading Tuesday at 63.87 US, up 0.05 of a cent from Monday’s close.

Critics have complained the Liberals are deliberately encouraging a weak dollar to boost exports.

But like Chretien, Finance Minister Paul Martin has consistently argued the loonie has simply been sideswiped in the investors’ flight to safety.

The dollar grabbed some footing early Tuesday, after Canada reported a record high trade surplus, to briefly peek above the 64-cent US mark.

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