Stock Climb Boosts Dollar

Tue., Sept. 15, 1998

The dollar rose against most major currencies Monday, boosted by a strong day on Wall Street and waning speculation that President Clinton would be forced out of office.

But the U.S. currency gave back some its early gains amid concerns that the Federal Reserve may soon cut interest rates to spur growth in the American economy. Lower rates would hurt demand for dollar-denominated assets.

The dollar began its climb in overnight trading on expectations of another strong day on Wall Street. The Dow Jones industrial average, up 179.96 on Friday, rose more than 243 points Monday before giving up a little ground. It finished the day with a gain of 149.85 at 7,945.35.

Exchange Currency in Dollars Dollar in foreign currency Canada .6634 1.5073 France .1757 5.6909 Germany .5887 1.6988 Great Britain 1.6764 .5965 Italy .000597 1676.00 Japan .007537 132.68 Mexico .096993 10.3100

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Stock Climb Boosts Dollar

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