Dollar Falls To Profit-Taking

Thu., May 21, 1998

The dollar fell to profit-taking Wednesday as violence ebbed in Indonesia and the U.S. economy looked less prosperous in the face of a record trade deficit.

The dollar’s fall came one day after it hit its highest level against the yen since August 1991.

In late New York trading, the dollar was quoted at 135.98 yen, down from 136.44 late Tuesday. The dollar also was changing hands at 1.7698 marks, down from 1.7834.

The turmoil in Indonesia has rocked markets worldwide. Investors who had turned to the dollar as a safe haven during the convulsions took profits Wednesday during the calm.

Currency in Dollar in Exchange Dollars foreign currency

Canada .6900 1.4493 France .1685 5.9340 Germany .5607 1.7834 Great Britain 1.6324 .6126 Italy .000573 1744.00 Japan .007354 135.98 Mexico .115929 8.6260

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Dollar Falls To Profit-Taking

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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