Dollar Hits 7-Week Low Vs. Yen

The dollar plunged to a seven-week low against the Japanese yen and declined moderately vs. the German mark on Thursday as traders fretted about the broader impact of Mexico’s financial crisis.

In late New York trading, the dollar was quoted at 98.65 yen, down from 100.00 late Wednesday and the lowest level since Nov. 29. The dollar also was changing hands late in New York at 1.5285 marks, down from 1.5365 and the lowest rate since Nov. 9.

Traders said the mark and yen gained from “safe haven” buying by investors jittery about holding currencies of countries seen as having unstable economies and those considered emerging markets in the wake of the Mexican debacle.

Exchange Currency in Dollars Dollar in foreign currency Canada .7053 1.4179 France .1890 5.2900 Germany .6542 1.5285 Great Britain 1.5710 .6365 Japan .010112 98.89