Dollar Higher As Stocks Rally

Wed., Sept. 3, 1997

The dollar rose against major currencies Tuesday, setting a nearly two-week high vs. the German mark, following the U.S. stock market rebound and the Bundesbank’s decision to leave interest rates alone.

Doubts that the U.S. Federal Reserve would move to raise short-term interest rates touched off a stock market rally.

Frantic buying of stocks increased demand for dollars.

The dollar also got some help from a weak Japanese retail sales report that added to the pessimism about Japan’s economy.

Exchange Currency in Dollars Dollar in foreign currency

Canada .7225 1.3841

France .1622 6.1665

Germany .5454 1.8335

Great Britain 1.5920 .6281

Italy .000560 1786.00

Japan .008232 121.47

Mexico .128866 7.7600

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Dollar Higher As Stocks Rally

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