Pound’s Rally Drops Dollar

The dollar fell to a six-month low against the pound but ended mostly stronger in other foreign-exchange dealings Wednesday, indirectly pulled higher by a powerful rally in the British currency.

Traders who had bet on a decline in the pound in advance of the new Labor government’s budget presentation Wednesday scrambled to buy the pound instead as the details were announced, concluding they weren’t sufficiently austere to slow Britain’s growing economy.

Exchange Currency in Dollars Dollar in foreign currency Canada .7267 1.3760 France .1695 5.8980 Germany .5711 1.7510 Great Britain 1.6770 .6963 Italy .000587 1704.00 Japan .008749 114.30 Mexico .125770 7.9510