Dollar Falls as Arab States Mull Revaluing Currency
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
The dollar fell against the yen on speculation the six Gulf Arab states that peg their currencies to that of America will consider revaluing.
The Gulf Arab states will discuss a proposal next month to revalue their currencies, the secretary general of the Gulf Cooperation Council, Abdul Rahman al-Attiyah, said Saturday. Saudi Arabia, the biggest member of the group, has no plans to change its exchange rate against American currency, according to the Finance minister, Ibrahim al-Assaf. The dollar also fell before a report yesterday that is likely to show homebuilder confidence in the world’s biggest economy fell to a record low this month.
The dollar fell to 110.85 yen at 8:50 a.m. in Tokyo from 111.09 late in New York on November 16. The American currency was at $1.4670 per euro from $1.4662 late last week. It fell to 89.74 American cents per Australian dollar from 89.29 American cents. The euro was at 162.61 yen from 162.86 yen. Initial support for the dollar was at 110.70 yen and $1.4685 per euro, Ms. Trinh said.
