Rubin’s Remarks Boost Dollar

The dollar rallied late Monday to a 38-month high against the mark and rose sharply in other dealings after remarks by Treasury Secretary Robert Rubin incited a selloff in European currencies.

Rubin said U.S. support for a strong dollar hasn’t changed, restating his previous position in the face of the U.S. currency’s strong advances. But he didn’t rule out intervention to keep the yen from weakening. Traders bought yen and sold marks, pounds and francs on that news.

Currency in Dollar in Exchange Dollars foreign currency

Canada .7147 1.3992 France .1720 5.8155 Germany .5781 1.7298 Great Britain 1.6210 .6169 Italy .000588 1700.75 Japan .007924 126.20 Mexico .126422 7.9100