Demand For Dollar Declines

Tue., Nov. 17, 1998

The dollar fell Monday as tensions eased in the Middle East after Iraq averted an airstrike by agreeing to resume cooperating with U.N weapons inspectors.

Demand for dollars also was dampened by uncertainty about whether the Federal Reserve would cut interest rates today.

The dollar rose four out of five trading days last week partly because the United States was preparing to go to war over Iraq’s refusal to comply with United Nations weapons inspections. Iraq acceded to demands for renewed unfettered U.N weapons inspections Saturday.

Investors frequently turn to the dollar during economic or political turmoil.

Exchange Currency in Dollars Dollar in foreign currency

Canada .6467 1.5463

France .1788 5.5920

Germany .5996 1.6677

Great Britain 1.6762 .5966

Italy .000606 1651.00

Japan .008328 120.07

Mexico .100351 9.9650

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Demand For Dollar Declines

Jesse Tinsley

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