‘Concern’ Pushes Dollar Lower

Tue., Sept. 29, 1998

The dollar fell against the yen Monday as Treasury Secretary Robert Rubin restated his “great concern” over the recent weakness of the Japanese currency.

The dollar also fell against the German mark and other major currencies as investors sold the dollar ahead of an expected U.S. interest rate cut Tuesday.

In late New York trading, the dollar weakened to 1.6744 German marks, down from 1.6782 late Friday. It was changing hands at 135.85 yen, lower than 136.25 yen Friday.

The dollar seesawed for much of the day Monday, but its intermittent spurts higher were cut short by Rubin’s remarks.

Exchange Currency in Dollars Dollar in foreign currency Canada .6621 1.5104 France .1781 5.6135 Germany .5972 1.6744 Great Britain 1.7077 .5856 Italy .000603 1658.00 Japan .007631 135.85 Mexico .098814 10.1200

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