Dollar Falls As Mark Strengthens

Wed., Feb. 22, 1995

Hopes for higher interest rates in Germany sent currency investors flocking to the mark Tuesday, contributing to a continued sell-off in the dollar.

The U.S. currency was also weakened by a suggestion from the president of the Philadelphia Federal Reserve that the U.S. Federal Reserve won’t soon intervene in currency markets to support the dollar.

“The dollar got tattooed, basically,” said Matt Porio, a vice president at Chase Manhattan Bank in New York.

In late New York trading, the dollar was changing hands at 1.4700 German marks, down from 1.4818 on Friday. U.S. markets were closed for the Presidents’ Day holiday Monday.

The dollar was quoted at 97.10 Japanese yen, down from 97.25 late Friday.

Currency in Dollar in

Exchange Dollars foreign currency

Canada .7153 1.3980

France .1940 5.1550

Germany .6770 1.4770

Great Britain 1.5814 .6324

Japan .010290 97.18

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Dollar Falls As Mark Strengthens

Jesse Tinsley

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