Dollar falls against most major currencies

Special Report:Global Financial Crisis

NEW YORK, Jan. 27 (Chinese media) -- The U.S. dollar fell against most major currencies Tuesday as U.S. consumer confidence hit a record low and the British government announced a bailout plan for the country's auto industry.

The Conference Board reported Tuesday that its Consumer Confidence Index, which had decreased in December, inched lower in January, hitting a historic low. The January figure was 37.7, down from 38.6 in December. Analysts had forecasted a modest increase.

U.S. consumers remain quite pessimistic about the state of the economy and about their earnings, economists of the Conference Board said.

British Business Secretary Peter Mandelson said the British government will offer carmakers 2.3 billion pounds (3.2 billion U.S. dollars) of loan guarantees to help them cope with the recession and adapt to new environmental rules.

The bailout package includes a scheme to unlock 1.3 billion pounds of loans from Europe for car manufacturers and major suppliers. The British government would also guarantee up to 1 billion pounds of further loans.

The euro bought 1.3178 dollars in late New York trading compared with 1.3137 dollars it bought late Monday. The pound rose to 1.4152 dollars from 1.3938 dollars.

The dollar rose to 1.2263 Canadian dollars from 1.2253 Canadian dollars, and fell to 1.1373 Swiss francs from 1.1404 Swiss francs. It fell to 88.90 Japanese yen from 89.02 Japanese yen.