Dollar Slides As Rescue Hopes Fade

The dollar slid against key currencies Tuesday as hopes faded that the United States and the other economic powers will come up with a plan to rescue the weakened greenback.

After days of speculation that finance ministers of the Group of Seven would announce a concerted dollar-support action after their summit in Washington on Tuesday, market participants turned pessimistic, seeing no consensus among officials about how to fix the dollar’s problems.

“No one is expecting much to come of this,” said Hillel Waxman, chief foreign exchange dealer at Bank Leumi Trust Co.

In late New York dealings, the dollar was quoted at 81.93 yen, down from 83.03 late Monday.

Currency in Dollar in

Exchange Dollars foreign currency

Canada .7319 1.3663

France .2078 4.8130

Germany .7315 1.3670

Great Britain 1.6155 .6190

Italy .000593 1686.00

Japan .012229 81.77

Mexico .170940 5.8500