By Stephen Morris Sept. 8 (Bloomberg) -- The Swiss franc weakened against the dollar after reaching the highest level this year as stocks rose, dampening demand for the currency as a haven. The franc also slid versus the euro, dropping from a record level against the 16-nation currency. The Stoxx Europe 600 Index advanced 0.6 percent and the Standard & Poor’s 500 Index climbed 0.5 percent, “Stocks are up so obviously risk appetite is a bit higher right now,” said Lutz Karpowitz, a currency strategist in Frankfurt at Commerzbank AG. “The Swissie’s function as a safe haven is not in such great demand anymore.” The franc weakened 0.2 percent to 1.0131 per dollar as of 2:45 p.m. in London, after it reached 1.0061 earlier. It depreciated 0.6 percent against the euro to 1.2897 after earlier reaching 1.2766, the strongest level since the single currency was introduced in 1999. Investors traditionally buy the franc during times of financial and economic turmoil because of the perceived stability of Switzerland’s economy, as its trade surplus frees the nation from dependence on overseas capital. --Editors: David Clarke, Peter Branton. To contact the reporter on this story: Stephen Morris in London at smorris39@bloomberg.net. To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net

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