* Dollar slips after G20 draft communique
* Yen rallies, pushes through 90 yen per dollar
* Sterling takes a hit, falls to 4-mth low vs dollar
(Adds comment, details, updates prices, changes byline, dateline from previous LONDON)
By Steven C. Johnson
NEW YORK, Sept 25 (Reuters) - The dollar fell to a 7-1/2-month low beneath the key 90-yen level on Friday after the G20 pledged to continue emergency stimulus spending until a recovery takes hold, suggesting U.S. interest rates would remain very low.
The yen also got a boost after an influential former Japan finance official told Dow Jones Newswires that authorities were not likely to try halting yen gains unless the dollar fell below 85 yen.
The dollar fared better against other currencies, with sterling falling to multimonth lows a day after Bank of England Governor Mervyn King said a weaker pound would help exports and the broader British economy.
The data was overshadowed, though, by a pledge from leaders from the G20 rich and developing countries to maintain emergency economic support and eventually work together to scale back extraordinary spending, according to a draft statement obtained by Reuters.
Strategists said the statement suggests interest rates will remain low for quite a while, with record low U.S. rates likely to keep the dollar under pressure.
"In the near term, it favors continued momentum selling of the U.S. dollar," said Omer Esiner, senior market analyst at Travelex Global Business Payments in Washington.
But he said that with time, attention may shift back to relative improvements in major economies, which could favor the dollar if the U.S. economy outpaces its major rivals.
The dollar was last down 1 percent at 90.35 yen after hitting 89.97 yen earlier, the lowest since February. The euro also fell 1 percent to 132.38 yen.
"It may also be the case that we are seeing some dividend repatriation flows coming through at the current juncture, which may also keep the yen rather pressed to the topside," said Jeremy Stretch, strategist at Rabobank in London.
The euro fell 0.1 percent to $1.4642, giving up earlier gains after data showing a surprise 2.4 percent decline in orders for U.S. durable goods such as appliances and computers boosted concerns about the U.S. recovery.
Esiner called the slide in orders "a big disappointment," but added that "the market had come into this number somewhat short U.S. dollars, (so) we could see a squeeze higher for the greenback as a result."
STERLING ON THE ROPES
Sterling hit multimonth lows against the dollar, euro and yen as traders continued to dump the UK currency a day after King highlighted the benefits to its economy from a weaker pound.
The pound has been under pressure on perceptions the Bank of England may lag other central banks in ending its ultra-loose monetary policy.
The pound fell to $1.5917, its lowest since early June, before edging back to $1.5966, down 0.6 percent. It sank against the yen, falling as low as around 144.30 yen, its weakest since mid-May.