Dollar Loses Ground To Yen

Thu., Aug. 27, 1998

Russia’s worsening economic crisis and falling commodity prices created waves in currency markets Wednesday.

Among the casualties were the Canadian dollar, which plunged nearly 2 cents to a new low of under 64 U.S. cents, despite heavy intervention in foreign exchange markets by Canada’s central bank.

The U.S. dollar, meantime, fell against the Japanese yen as investors worldwide sold dollars and other profitable holdings to cover losses in Russia and other emerging markets.

Exchange Currency in Dollars Dollar in foreign currency Canada .6379 1.5677 France .1652 6.0545 Germany .5537 1.8061 Great Britain 1.6385 .6103 Italy .000561 1781.50 Japan .006943 144.02 Mexico .102669 9.7400

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Dollar Loses Ground To Yen

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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