Dollar Falls Against Mark, Yen

Thu., June 4, 1998

The dollar fell against the German mark Wednesday as stabilizing markets in Russia left the currency less vulnerable to speculators.

The dollar slipped against the Japanese yen on new speculation that a meeting next week of financial officials from the Group of Seven major industrialized nations could produce joint action to prop up the yen.

Traders have been buying dollars and selling marks as Russian markets slumped dramatically during recent sessions. Germany is one of Russia’s main trading partners.

But Russia’s stock market has been rebounding, rising 12 percent Tuesday and nearly 9 percent Wednesday. The ruble has also been steady in recent days.

Exchange Currency in Dollars Dollar in foreign currency

Canada .6884 1.4527

France .1685 5.9345

Germany .5647 1.7710

Great Britain 1.6399 .6098

Italy .000574 1743.55

Japan .007207 138.75

Mexico .114025 8.7700

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Dollar Falls Against Mark, Yen

Jesse Tinsley

Jim Meehan

Molly Quinn

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