Czech crown hits 7-month highs, up 1 pct on day

...another bout of buying in the European emerging markets' safe haven currency.

The crown rose as high as 27.560 per euro and traded at 27.590 by 1025 GMT. It has risen nearly 2 percent over the past week, nearing life-time highs around 27.40 per euro seen in late December last year and matched in early January. Distress in global credit markets has prompted investors to pare mostly risky bets in high-yield assets financed by borrowing in low-yield currencies such as the yen and the Czech crown.

The crown has nearly erased all of its year-to-date losses.

[PRAGUE/Reuters/Finance.cz]