Dollar Makes A Move Higher

Thu., Oct. 29, 1998

The dollar moved higher against most major currencies Wednesday in a lackluster response to Brazil’s announcement of an austerity package.

Brazilian and U.S. markets fell over the past two days, partly on rumors that Brazil would devalue its currency. The country’s foreign reserves have dropped from $70 billion at the end of July to below $45 billion and Brazil needs currency to pay its bills.

Through a mix of spending cuts and higher taxes, the government hopes to save nearly $24 billion next year with the austerity plan and qualify for a $30 billion rescue package being assembled by the International Monetary Fund.

Exchange Currency in Dollars Dollar in foreign currency Canada .6494 1.5399 France .1803 5.5460 Germany .6045 1.6542 Great Britain 1.6748 .5971 Italy .000611 1635.50 Japan .008488 117.82 Mexico .098571 10.1450

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Dollar Makes A Move Higher

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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