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Dollar Surges Against Mark

Associated Press

The dollar hit a 5-1/2-year high against the mark Friday and surged in most other dealings, one day after weakening on Bundesbank warnings about the need for a strong German currency.

Traders attributed the rally to a reassessment of the Bundesbank comments, healthy U.S. economic data, new signs of German economic weakness and safe-haven buying of dollars because of Southeast Asian currency instability.

The dollar closed at 1.7744 marks, its high for the day and strongest level since December 1991, up 1.3 percent from its 1.7515-mark rate Thursday and up 15.1 percent for the year. The dollar cost 114.02 yen, up from 113.18 yen.