Dollar Buoyed By Rescue Proposal

Wed., Feb. 1, 1995

The dollar rallied sharply Tuesday, strengthening on President Clinton’s revamped plan to salvage the troubled Mexican economy with a $47.8 billion mix of U.S. money and international aid.

Currency traders called Clinton’s action a shrewd and gutsy move that appeared to squelch, at least temporarily, the deteriorating economic situation in Mexico, a key source of the dollar’s recent weakness.

The strength of the dollar rally fed on itself, arousing worldwide demand for the U.S. currency.

By 4 p.m. the dollar fetched 1.5251 marks, up sharply from its 3-month low of 1.5045 marks set Monday, when uncertainty about congressional approval of a Mexico aid package aroused a widespread sell-off of the dollar.

Canada .7105 1.4074 France .1894 5.2785 Germany .6565 1.5232 Great Britain 1.5805 .6327 Japan .010061 99.39

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Dollar Buoyed By Rescue Proposal

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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