Stock Decline Drags Dollar

Thu., Dec. 3, 1998

The dollar sank Wednesday against most major currencies as a slump in U.S. stock prices dampened demand for the currency.

The Dow Jones industrial average tumbled more than 100 points in the early going on Wall Street and was off more than 178 points by early afternoon before it rallied to close with a 69-point loss for the day.

The dollar’s decline came despite a strong housing sales report, a suggestion that the economy continues to grow.

Currency in Dollar in Exchange Dollars foreign currency

Canada .6519 1.5340 France .1786 5.6000 Germany .5989 1.6697 Great Britain 1.6675 .5997 Italy .000605 1653.10 Japan .008338 119.93 Mexico .100644 9.9360

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Stock Decline Drags Dollar

Jesse Tinsley

Jim Meehan

Molly Quinn

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