The Dollar Index continued its downward spiral on Thursday morning after dropping to its lowest level since 2008 this week as the Federal Reserve promised to keep interest rates at rock bottom.

The Dollar Index was down about 0.5% before the start of U.S. trading Thursday, hovering around 73, depths not seen since 2008.

PowerShares DB US Dollar Index Bullish Fund (NYSEArca: UUP) is down more than 7% in 2011.

Meanwhile, the Australian dollar rose to a record this week against its U.S. counterpart amid talk the country will boost interest rates to quell inflation, Bloomberg reported Thursday.