Dollar Rates High As Haven

Wed., May 29, 1996

Associated Press

The dollar surged to a 17-month high against the German mark and six-week high against the Japanese yen Tuesday, fueled by speculation that interest rates in Germany and Japan will remain weak.

Reports of a North Korean plan to invade South Korea sent traders into dollars, often regarded as a safe haven currency.

The dollar’s rise followed a rally late last week after Eisuke Sakakibara, head of the Japanese Finance Ministry’s international finance bureau, indicated that higher interest rates in Japan were not likely in the near future.

Exchange Currency in Dollars Dollar in foreign currency Canada .7267 1.3761 France .1911 5.2315 Germany .6467 1.5464 Great Britain 1.5131 .6609 Italy .000643 1554.90 Japan .009187 108.85 Mexico .135300 7.3910

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Dollar Rates High As Haven

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