TORONTO - The Canadian dollar was holding its own early Friday on overseas markets as Asian stock markets continued to tumble.
The dollar fell 2.08 cents to 97.33 cents US on Thursday after slipping below parity with the U.S. dollar Wednesday for the first time since January.
The loonie was trading slightly higher early today, at about 97.53 cents.
Overseas investors continued to dump stocks, with Hong Kong’s Hang Seng index down 1.36 per cent after losing five per cent on Thursday.
Japan's market was closed for a holiday, but South Korea’s main index fell almost six per cent after a report Thursday pointed to a slowdown in China, its largest trading partner.
The S&P;/TSX composite index in Toronto dropped 3.3 per cent Thursday while the Dow Jones on Wall Street fell 3.5 per cent.
Oil prices stabilized near US$81 a barrel after diving to a near seven-week low on Thursday.
G-20 nations issued a statement early today in which they pledged to work together to boost the struggling global economy and financial system.
The statement said the main challenges that need to be addressed are "heightened downside risks from sovereign stresses, financial system fragility, market turbulence, weak economic growth and unacceptably high unemployment."
© The Canadian Press, 2011