Dollar Rises Against Mark, Yen

Thu., June 11, 1998

The dollar rose nearly 2 pfennigs to hit a six-week high against the German mark Wednesday as traders sought the safe haven of the U.S. currency amid continued turmoil in Russia and Asia.

That turmoil also helped the dollar rise to another seven-year high against the Japanese yen.

Investors fled the mark as the Russian Trading System index fell 6.2 percent. Traders also were troubled by the lack of a bailout package for Russia’s troubled economy from the Group of Seven officials meeting in Paris. Germany is Russia’s biggest banking partner.

Tumbling Asian markets, including a drop by Singapore’s index to a 9-1/2-year low, affected nearly all currency trading.

Exchange Currency in Dollars Dollar in foreign currency Canada .6822 1.4659 France .1661 6.0220 Germany .5567 1.7962 Great Britain 1.6289 .6139 Italy .000566 1768.00 Japan .007071 141.43 Mexico .112448 8.8930

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Dollar Rises Against Mark, Yen

Jesse Tinsley

Jim Meehan

Molly Quinn

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