Brazil Concerns Hurt Dollar

Fri., Jan. 8, 1999

The dollar fell against most currencies Thursday on fresh reminders of Brazil’s economic problems. But the U.S. currency managed a slight recovery against the Japanese yen following a steep fall in early trading.

Traders blamed the dollar’s weakness on news that Brazil’s third-wealthiest state, Minas Gerais, declared a 90-day moratorium on monthly debt payments of around $67 million to Brazil’s central government.

Brazil’s continued fragility could cause investors to shun U.S. investments.

Exchange Currency in Dollars Dollar in foreign currency

Canada .6610 1.5129

Euro 1.16700 .8569

France .1779 5.6211

Germany .5968 1.6756

Great Britain 1.6513 .6056

Italy .000603 1658.37

Japan .009006 111.04

Mexico .101781 9.8250

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Brazil Concerns Hurt Dollar

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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