The dollar took a breather in Asian trade Thursday as fresh drops on global stock markets kept dealers cautious.

The dollar was flat at 95.77 in Tokyo morning trade from New York late Wednesday. The euro edged up to 1.2512 dollars from 1.2508 while holding steady at 119.83 yen compared with 119.82.

The dollar recouped early losses and traded mainly higher Wednesday, shaking off a record plunge in US consumer prices, as currency traders flocked to safety amid renewed turmoil in financial markets.

The dollar recovered against the euro late on Wednesday after falling sharply on news that US consumer prices plunged by a record 1.0 percent in October amid an accelerating global financial crisis.

In late London trading, the European single currency was at 1.2596 dollars -- after jumping as high as 1.2748 dollar and compared with 1.2621 dollars in New York late on Tuesday.

Russia on Wednesday insisted there would be no devaluation in the ruble even though the central bank has spent billions of dollars propping up the currency.

`There is no reason to devalue (the rouble) even if oil prices are low. There will not be a devaluation,` said President Dmitry Medvedev`s economic adviser Arkady Dvorkovitch.

The dollar fell sharply against the euro on Wednesday after news that US consumer prices plunged by a record 1.0 percent in October amid an accelerating global financial crisis.

At about 1420 GMT, the European single currency jumped as high as 1.2748 dollars, compared with 1.2621 dollars in New York late on Tuesday.

The Bank of England mulled slashing British interest rates even more sharply in November, before it cut borrowing costs by 150 basis points to a 53-year low, minutes from the meeting showed Wednesday.

The Bank of England mulled slashing British interest rates even more sharply in November, before it cut borrowing costs by 150 basis points to a 53-year low, minutes from the meeting showed Wednesday.

The dollar held steady against the euro but dipped against the yen on Wednesday, as dealers awaited key US inflation data amid growing concerns about the country`s struggling auto industry.

In morning London trading, the euro was unchanged at 1.2621 dollars from late in New York on Tuesday.

Against the Japanese currency, the dollar fell to 96.77 yen from 96.89 yen on Tuesday.

The dollar held steady against the euro but dipped against the yen on Wednesday, as dealers awaited key US inflation data amid growing concerns about the country`s struggling auto industry.

In morning London trading, the euro was unchanged at 1.2621 dollars from late in New York on Tuesday.

Against the Japanese currency, the dollar fell to 96.77 yen from 96.89 yen on Tuesday.

The European Central Bank published on Tuesday details of its latest operations to boost interbank lending on eurozone money markets.

The central bank has been providing huge amounts of euros, dollars and Swiss francs to eurozone banks to get them lending to each other again after uncertain financial conditions caused the crucial markets to freeze up.