U.S. dollar falls to 15-year low against major currencies

The U.S. dollar tumbled to a 15- year low against major currencies on Friday after a report showed U.S. employers cut payrolls for the first time since 2003.

The Labor Department reported that the U.S. non-farming payroll employment figure dropped by 4,000 in August, the first decline since the same month of 2003.

The report spurred investors' concern that fallout from subprime mortgage defaults may push the country into a recession.

The dollar dropped 1.4 percent against the yen to 113.82 and the euro gained 0.7 percent against the dollar to near 1.38 dollars.