Rubin Speaks, Dollar Takes Dive

The dollar fell sharply Friday after U.S. Treasury Secretary Robert Rubin acknowledged concerns about the currency’s strength and said exchange rates would be discussed at a weekend meeting of finance ministers and central bankers.

At a news conference before leaving for Saturday’s meeting of the Group of Seven industrial nations, Rubin said the dollar has been “strong for some time now.” The comments were taken as the first time Rubin has indicated the United States might be satisfied with the dollar’s gains.

Rubin’s comments especially affected the Japanese yen, which had been falling to one four-year low after another against the dollar in recent weeks.