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The Spokesman-Review Newspaper
Spokane, Washington  Est. May 19, 1883

Dollar Sinks Despite Help

The dollar plunged to another record low against the Japanese yen Monday after intervention by the Federal Reserve and Bank of Japan failed to bolster the sagging U.S. currency.

But traders said the intervention may have helped stabilize the dollar vs. the German mark during U.S. trading, with the American currency ending the day only slightly lower.

“The intervention was unsuccessful and didn’t help pull up the dollar against the yen,” said Steve Flanagan, vice president of Credit Agricole in New York. “If the Fed wants the dollar up, they should raise interest rates.”

Higher interest rates would make dollar-denominated holdings more attractive to investors.

Currency in Dollar in

Exchange Dollars foreign currency

Canada .7153 1.3980

France .2079 4.8100

Germany .7281 1.3735

Great Britain 1.6167 .6185

Italy .000580 1724.25

Japan .011597 86.23

Mexico .147710 6.7700