Hey Khurram,
I think this will do what you want.
<select name="loc"
onchange="if (this.selectedIndex > 0 )
self.location.href='newScript.cfm?loc=' + this[this.selectedIndex].value;"
>
This requires that the <option> tags have a value attribute like this:
<option value="usd">. Without the "value=usd" attribute, this doesn't work in Netscape at least. Also, the "if (this.selectedIndex > 0)" keeps it from submitting if the first element is selected. This is for selects where the first element is an instruction like "Choose from below..". If all of your elements should be selectable, just remove the "if" statement.
Hope this helps,
GJ