Dollar Drops Then Strengthens

The dollar hit a 34-month high against the mark, dropped sharply then recovered to end stronger in U.S. trading Wednesday, rising on increased boldness among traders to buy the currency on every decline.

A sell-off in the Swiss franc and a surge in the U.S. stock market also helped propel the dollar, as the Dow Jones industrial average surged more than 100 points.

Many traders said only aggressive and coordinated central bank intervention would now dissuade the market from pushing the dollar higher.

Exchange Currency in Dollars Dollar in foreign currency Canada .7379 1.3552 France .1759 5.6850 Germany .5936 1.6848 Great Britain 1.6321 .6127 Italy .000606 1650.00 Japan .008053 124.17 Mexico .128568 7.7780