The U.S. dollar hit record lows against the euro Tuesday.

It took more than one dollar and 48 cents to buy one euro.

The dollar has been battered by a series of problems, including continuing gloom in the key U.S. housing sector, and the slowing U.S. economy.

Some speculators are selling dollars because they expect the U.S. central bank will try to stimulate the economy by cutting interest rates again soon. 

Lower U.S. interest rates can cut the return on some investments.

The falling dollar is prompting some oil-rich nations around the Persian Gulf to consider ending the practice of linking the value of their currencies to that of the dollar and instead peg the value to a "basket" of other currencies.  Such a move would reduce demand for dollars, and further weaken the U.S. currency.

Some information for this report was provided by AFP, AP and Reuters.