Dollar Lower On Rubin Rumors

The dollar dropped to a 2-1/2-week low against the German mark and slipped vs. the Japanese yen Monday on market rumors that Treasury Secretary Robert Rubin would resign and on easing tensions in Iraq.

The dollar was battered in early New York dealings by the rumors about Rubin’s impending resignation. The Treasury Department denied the rumors late in the morning, halting the U.S. currency’s losses and leaving it to trade in a quiet, close range for the remainder of the session.

Currency in Dollar in Exchange Dollars foreign currency

Canada .7030 1.4224 France .1666 6.0038 Germany .5576 1.7933 Great Britain 1.6488 .6065 Italy .000565 1769.00 Japan .007824 127.82 Mexico .115955 8.6240