Dollar Hits All-Time Low Against Mark
LONDON — The dollar, reacting to changes in German and U.S. interest rates late last week, plunged today to an all-time traded low against the mark, leading central banks from nine countries to intervene and boost the currency off its lows.
The U.S. currency fell through its previous European traded low of 1.4630 marks, reached Dec. 10, to hit 1.4565 marks at midday before rebounding slightly. It had ended in London on Friday at 1.4694.
Against the yen, the dollar was quoted at 130.54 yen after closing Friday in London at 131.54.
“The general trend is down for now,” said Dave Rozze, dealer at Societe-Generale.
In early New York trading, the dollar opened at 1.4595 marks, down from 1.4680 Friday, and at 130.60 yen versus 131.60.
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