Russian Crisis Undermines Dollar

Fri., Aug. 28, 1998

The dollar fell against most major currencies Thursday as the Russian and Asian economic crises battered global markets, sending Wall Street’s best known indicator plunging 4 percent and raising fears of an interest-rate cut by the central bank.

The dollar’s fall against the Japanese yen also was exacerbated by an official from that country encouraging Japanese investors to sell dollars.

“The emerging market crisis, especially the Russian market crisis, is scaring the heck out of people around the world,” said Sung Won Sohn, chief economist at Norwest Corp. in Minneapolis.

Exchange Currency in Dollars Dollar in foreign currency Canada .6334 1.5788 France .1663 6.0135 Germany .5574 1.7941 Great Britain 1.6523 .6052 Italy .000563 1775.00 Japan .007033 142.18 Mexico .100806 9.9200

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Russian Crisis Undermines Dollar

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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