Overseas Buying Boosts Dollar

The dollar rose solidly for a second straight day Thursday, deriving strength from overseas buying and speculation that key finance ministers meeting next week may act decisively to defend the wobbly currency.

A rally in the U.S. stock market and technically related purchases of dollars also helped to shore up the dollar.

“Everyone is getting the opinion that really, the market is very short of dollars,” said Ivan Sands, manager of foreign exchange and sales at the New York branch of Credit Lyonnais, the large French bank.

In late New York trading, the dollar traded at 83.11 Japanese yen, up 2.2 percent from 81.30 yen late Wednesday. The dollar also fetched 1.3837 German marks, up 1.2 percent from 1.3720 late Wednesday.

Exchange Currency in Dollars Dollar in foreign currency Canada .7306 1.3687 France .2035 4.9145 Germany .7205 1.3880 Great Britain 1.6090 .6215 Italy .000577 1733.00 Japan .011998 83.35 Mexico .168067 5.9500