Currency report
The Bank of Japan bought: an estimated SUSISOM to 200 M on the Tokyo Foreign Exchange market on Friday to help prop up the U.S. I currency against the yen fori the second consecutive day,] dealers said, reports NZPA-] Reuter. The dollar exchange rate closed at 239.75 yen after hitting 239.20 at one point, the lowest in Tokyo since it reached a record low of 2371 on January 4. The U.S. dollar also; dropped sharply on Euro- ] pean foreign exchanges on: Friday. Dealers said the continuing U.S. coal strike had: helped to trigger new pres-1 sures on the currency, with' operators apprehensive i about its possible effect, on j employment and energy im-l ports. Uncertainty over the New York Federal Reserve Banks ■ policy on intervention ini money markets had I recently prevented some: speculation in the dollar,! they said, but since no sup-!' port was being seen, oper-l ators were again starting to| sell the dollar short.
It was trading at about: 2.9510 marks compared to; Thursday night’s 2.0647. ! The lowest point yet against the mark was reached on January 4 when; the dollar slipped to 2.0490 c Sterling traded at about \ s SUS 1.9445 as against 1.9420 f Thursday night, with itslc over-all value unchanged at it 650 per cent of 1971 levels. ( Sterling closed weaker at! the end of the week, after t unexpected news of a EI79M ( current payments deficit in ! January. ’ r ‘ 'J
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Press, 21 February 1978, Page 21
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239Currency report Press, 21 February 1978, Page 21
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