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* Dollar hits five-month high against basket of currencies
* Commodities weighed down by stronger greenback
* Russia-Georgia conflict hits emerging, not major markets
(Updates to U.S. markets close)
By Burton Frierson
NEW YORK (Reuters) - The dollar raced to five-monthhighs against a broad range of currencies Friday, benefiting from fears economic weakness was spreading to other countries,while oil slumped to $115 a barrel as supply concerns waned.