Dollar Hits 5-Week Low Vs. Mark

Wed., Oct. 30, 1996

The dollar briefly touched a 3-1/2-year high of nearly 115 yen Tuesday but the U.S. currency ended mostly weaker, falling to the lowest level against the mark in five weeks.

Treasury Secretary Robert Rubin’s prediction of a stronger dollar, coupled with statements by top German bankers suggesting that Germany’s interest rates will fall no further and might rise, were the main forces influencing the dollar’s behavior in the foreign exchange market.

Rubin provoked a spree of dollar-buying in early Asian trading after an interview on CNN in which he praised President Clinton for reducing the U.S. government deficit and forecast “a higher dollar coming out of this.”

Exchange Currency in Dollars Dollar in foreign currency

Canada .7438 1.3445

France .1957 5.1100

Germany .6623 1.5100

Great Britain 1.6070 .6223

Italy .000660 1515.00

Japan .008746 114.34

Mexico .126103 7.9300

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Dollar Hits 5-Week Low Vs. Mark

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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