Dollar Gains On Yen, Mark

Tue., Aug. 12, 1997

The dollar rallied sharply Monday from its big pre-weekend sell-off, powered by rebounding U.S. stock and bond markets and doubts that the Bundesbank is preparing to raise interest rates.

The resumed appetite for dollars erased much of the currency’s 2.9 percent slide against the yen and 1.1 percent slide against the mark on Friday, when U.S. stock and bond prices plunged.

“The market continues to want to buy dollars,” said Ralph Delzenero, vice president of First National Bank of Chicago.

Exchange Currency in Dollars Dollar in foreign currency Canada .7177 1.3934 France .1592 6.2803 Germany .5367 1.8634 Great Britain 1.5828 .6318 Italy .000551 1814.00 Japan .008612 116.12 Mexico .128320 7.7930

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Dollar Gains On Yen, Mark

Jesse Tinsley

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