May 17, 1997

Dollar’s Slide Slows But Goes On

Associated Press

The dollar ended mostly lower Friday but steadied against the yen for the first time since its frenetic slide began more than a week ago, helped by rumors of central bank sales of the yen.

Although the dollar still finished with a slight loss vs. the yen for the day, traders were buying dollars as the week drew to a close, a sign that some believe the U.S. currency may be stabilizing.

In New York, the dollar finished at 115.55 yen, down from 116.10 Thursday but up from its intraday low of 114.85 yen. It was the first time in more than a week that the decline was less than one yen. The dollar cost 1.6925 marks, down from 1.6988.

The pound weakened broadly. In New York, the pound cost $1.6367, down from $1.6426.

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