Dollar Continues Drop Against Mark

Sat., Sept. 13, 1997

Associated Press

For a second day, the dollar tumbled to its lowest level against the mark since early July, weakening on rumors the German central bank would raise interest rates soon.

The yen lost further strength against the dollar, reflecting the weakness of the Japanese economy and traders’ desire to sell yen for the German currency.

“There were two opposite forces exerting themselves” on the dollar, said Kevin Lawrie, a vice president at Mellon Bank in Pittsburgh.

In New York trading, the dollar settled at 1.7720 marks, down from 1.7805 marks Thursday. The dollar is down 6 percent since reaching an eight-year high against the mark Aug. 6. The dollar also was quoted at 120.96 yen, up from 119.55 yen.

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