Pound Rise Pulls Dollar Up With It

Sat., Oct. 12, 1996

Associated Press

The pound hit an 11-month high against the dollar Friday and rallied vs. other currencies on optimism of higher British interest rates and new hope that the Conservative government might win the 1997 election.

The dollar finished mostly higher against other currencies, the indirect result of the pound’s strength and remarks from senior Japanese officials who indicated interest rates in Japan will remain low, which depressed the yen.

In late New York trading the pound rose to $1.5750, up from $1.5665 Thursday and the highest level against the dollar since early November 1995. The pound also hit highs for the year against the mark.

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