//
According to Reuters, the Plaza Accord saw the major economies agree a formal depreciation of the currency 24 years ago.
But its weekly decline could match that level today (Friday March 20th), as the news source noted that it has dipped 5.1 per cent.
Should it pass the 5.2 per cent mark it would be biggest drop over the course of a week since 1973.
Analysts suggested that the Federal Reserve's decision to buy up government debt and expand its balance sheet would create more of the currency and therefore place a strain on demand.
Chief international strategist at RBS Greenwich Capital Alan Ruskin told Reuters: "This is a historic moment, the start of debasement of the world's reserve currency."
Meanwhile, the International Monetary Fund has predicted that the first global contraction in 60 years will take place in 2009, the BBC reports.
