Dollar Hits 1997 Low Vs. Pound

Wed., Nov. 12, 1997

The dollar dropped to its lowest level this year against the British pound in thin trading Tuesday after Britain’s government reported inflation exceeded its targets last month.

Sterling also was aided by traders seeking refuge from Asia’s economic troubles, which in turn helped push the dollar to its third consecutive six-month high against the Japanese yen. The U.S. currency finished unchanged vs. the German mark.

The British inflation report came a week after the Bank of England raised interest rates for the fifth time since May in an attempt to control inflation. The spike suggested the bank could again consider higher rates, which tend to boost demand for a country’s currency.

Exchange Currency in Dollars Dollar in foreign currency Canada .7108 1.4068 France .1748 5.7217 Germany .5856 1.7077 Great Britain 1.7044 .5867 Italy .000598 1673.00 Japan .007998 125.03 Mexico .120627 8.2900

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Dollar Hits 1997 Low Vs. Pound

Jesse Tinsley

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