Dollar Tumbles Vs. German Mark

The German central bank’s refusal to lower interest rates sent the dollar into a tailspin Thursday, although it nearly recovered in late trading against the Japanese yen.

The Bundesbank’s lack of action, leaving the benchmark discount and Lombard rates unchanged, had an immediate effect. The dollar initially fell against the Japanese yen and the German mark just as the Bundesbank made its announcement in Germany.

In late New York trading, the dollar was quoted at 87.40 yen, down from 87.43 late Wednesday.

The dollar also was changing hands at 1.3891 German marks, down from 1.4030.

Exchange Currency in Dollars Dollar in foreign currency Canada .7356 1.3594 France .2064 4.8441 Germany .7203 1.3884 Great Britain 1.6005 .6248 Italy .000619 16150.00 Japan .011453 87.31 Mexico .166389 6.0100