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Interest Outlook Drives Dollar Down

The dollar fell against most major currencies Wednesday but nudged higher against the Japanese yen in U.S. trading in a session that turned listless after initially being buffeted by speculation on the course of American interest rates.

The U.S. trading day began with a Japanese business newspaper reporting that Lawrence Lindsey, a Federal Reserve governor, had said in an interview that there could be an additional one-half point reduction in a key short-term interest rate. Lower rates reduce demand for dollars.

In late New York trading, the dollar was quoted at 1.3873 German marks, down from 1.3935 late Tuesday. The dollar also was changing hands in New York at 87.82 Japanese yen, just up from 87.71.

Exchange Currency in Dollars Dollar in foreign currency Canada .7365 1.3577 France .2079 4.8095 Germany .7208 1.3874 Great Britain 1.5955 .6268 Italy .000627 1594.00 Japan .011377 87.90 Mexico .163666 6.1100

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