Stubborn dollar resists intervention SOONER Edition

In a telephone conference call with reporters, [Robert E. Rubin] also repeated his denial that the administration wants a weaker dollar, which makes U.S.-made goods cheaper in foreign countries and imported goods more expensive here, to narrow the trade deficit. Yesterday, for example, the intervent...

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Bibliographic Details
Published inPittsburgh post-gazette (Pittsburgh, Pa. 1978)
Main Author John M. BerryThe Washington Post
Format Newspaper Article
LanguageEnglish
Published Pittsburgh, Pa Pittsburgh Post - Gazette 06.04.1995
Subjects
Rubin, Robert E
WASHINGTON
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Summary:In a telephone conference call with reporters, [Robert E. Rubin] also repeated his denial that the administration wants a weaker dollar, which makes U.S.-made goods cheaper in foreign countries and imported goods more expensive here, to narrow the trade deficit. Yesterday, for example, the intervention came as the dollar dropped to 85.69 yen. In response to central-bank purchases, the dollar bounced up to 86.65 yen but then gradually lost ground again. In late New York trading yesterday, it took 86.04 yen to buy a dollar, down from 86.21 late Tuesday. Rubin also said yesterday that he saw no evidence that the dollar's decline was reducing U.S. influence around the world, or that it was likely to add noticeably to the U.S. inflation rate.
ISSN:1068-624X