Dollar Falls Against Mark, Yen

Tue., Aug. 18, 1998

The dollar fell against the mark Monday as traders speculated a devaluation of the Russian ruble won’t have a significant effect on that country’s major banking partner, Germany.

The dollar also fell against the yen as Japan’s influential finance official said that Japan was nearly ready to intervene to prop up the ailing yen.

Traders previously sold their German marks whenever turmoil erupted in Russia because they thought German banks would take a hit on their complex finance connections to Russia.

But traders sold off their dollars Monday as they viewed the financial connection between Germany and Russia as less close.

Exchange Currency in Dollars Dollar in foreign currency Canada .6552 1.5263 France .1663 6.0115 Germany .5572 1.7946 Great Britain 1.6160 .6188 Italy .000566 1768.00 Japan .006851 145.96 Mexico .108167 9.2450

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Dollar Falls Against Mark, Yen

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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