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

Greenspan Remarks Boost Dollar

The dollar was mostly higher against key currencies Wednesday, strengthening after Federal Reserve Board Chairman Alan Greenspan hinted of a possible interest rate increase.

Greenspan said in remarks to the Senate Finance Committee that the still-robust economy is growing too rapidly, which could ignite inflation.

The comments set the stage for a rate hike at the Fed’s Federal Open Market committee meeting next Tuesday, said traders. Higher rates increase the dollar’s value.

Late in New York, the dollar was quoted at 1.5175, up from 1.5131 late Tuesday. But the dollar slipped against the yen, changing hands in New York at 99.53, vs. 99.77 Tuesday.

Currency in Dollar in

Exchange Dollars foreign currency

Canada .7079 1.4126

France .1905 5.2495

Germany .6592 1.5170

Great Britain 1.5907 .6287

Japan .010045 99.55