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Dollar Falls On Profit-Taking

Fri., March 28, 1997

The dollar fell Thursday, weakened by a bout of pre-Easter holiday profit-taking and a senior Treasury official’s warning against an expansion of the Japanese trade surplus caused by a cheaper yen.

The dollar also was pressured by a sell-off in the U.S. stock market, as well as new skepticism over Europe’s proposed single currency.

“Today the story was dollar liquidation. Everybody wants to be out before the holidays,” said Gabriel Grippo, chief foreign exchange dealer at Credit Agricole in New York.

Exchange Currency in Dollars Dollar in foreign currency

Canada .7253 1.3788

France .1778 5.6250

Germany .5975 1.6736

Great Britain 1.6315 .6129

Italy .000598 1671.00

Japan .008098 123.48

Mexico .126743 7.8900

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