February 26, 1997 in Nation/World

Dollar Weakens Slightly

 

The dollar ended slightly lower against the yen and mark Tuesday after an early rally faded on concern about the uncertain impact of Federal Reserve Chairman Alan Greenspan’s scheduled congressional testimony today.

Greenspan’s remarks about “irrational exuberance” in the stock market two months ago incited a panicky global sell-off that briefly wrenched down the dollar.

“There may be a little bit of fear that he may make that type of statement again,” said Robert Katz, a currency trader at MTB Bank Corp. in New York.

Exchange Currency in Dollars Dollar in foreign currency Canada .7350 1.3605 France .1774 5.6385 Germany .5981 1.6719 Great Britain 1.6350 .6116 Italy .000600 1668.00 Japan .008224 121.60 Mexico .128949 7.7550

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