Dollar Rebounds After Recent Losses

Sat., July 13, 1996

Associated Press

The dollar snapped a three-day losing streak Friday, rebounding back toward the 111-yen level on big purchases by Japanese buyers and diminished fears about a rout in the U.S. stock market.

The strength of the dollar against the yen also helped it advance against the mark and other currencies. As the dollar surpassed 110.60 yen, many traders who had bet on further weakness in the dollar joined in the buying to minimize their losses.

As of 4 p.m. in New York, the dollar traded at 110.80 yen, up from 110.35 yen Thursday. The dollar traded at 1.5236 marks, up from 1.5216 marks. The British pound cost $1.5515, down from $1.5533.

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