Dollar Rises Against Mark

Thu., May 28, 1998

The dollar Wednesday rose more than a pfennig against the mark as investors worried about Germany’s trading ties to the faltering Russian economy sought the safe haven of the U.S. currency.

The dollar slipped against the yen, but continued economic problems in Asia kept the U.S. currency from falling further.

Although financial markets throughout the world were roiled Wednesday, it was Russia’s problems that bolstered the dollar. When Russia has economic or political problems, traders flee German assets because of the close economic ties between the two countries.

Russian stocks crashed again, falling more than 10 percent Wednesday.

Exchange Currency in Dollars Dollar in foreign currency Canada .6866 1.4564 France .1674 5.9740 Germany .5609 1.7829 Great Britain 1.6316 .6129 Italy .000570 1755.00 Japan .007278 137.40 Mexico .112994 8.8500

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Dollar Rises Against Mark

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