Dollar Plunges Below 85 Yen

The dollar plunged below 85 yen Thursday for the first time ever in afterhours U.S. trading amid diminishing expectations of higher U.S. interest rates.

Traders said key U.S. employment figures due out today were expected to show the U.S. economy was softening. That was likely to discourage the Fed from raising the rates for the eighth time since February 1994.

As of 4 p.m. Eastern time, the dollar fetched 85.40 yen, down from 86.04 late Wednesday. In after-hours trading - a stretch of about two hours between when the U.S. market closes and the Japanese market opens, dealers said the dollar fell further to 84.80 yen, it’s first drop below the 85-yen level.

Currency in Dollar in

EXCHANGE Dollars foreign currency

Canada .7201 1.3887

France .2090 4.7845

Germany .7278 1.3740

Great Britain 1.6054 .6229

Italy .000584 1712.00

Japan .011716 85.35

Mexico .157729 6.3400