The dollar held stable in trading in New York Wednesday, September 19, bolstered by a mid-afternoon stock rebound on Wall Street and intervention by the Bank of Japan to boost the currency.
The greenback at 2100 GMT was trading at 117.68 yen, up from 117.25 on Tuesday and 1.5959 Swiss francs, against 1.5973. The euro was worth $0.9268 against $0.9273 on Tuesday. The pound sterling was quoted at $1.4680 after $1.4676 on Tuesday.
US stock indices, although they still closed in negative territory, bounced back from sharp losses in late trade as short-sellers moved back in the market to buy at lower levels, dealers said.
"The dollar's mostly in sync with the stock market at this time," said a currency trader at JP Morgan Chase.
The Bank of Japan intervention earlier in the day to buy dollars at 117 yen took the dollar above 118. But the greenback quickly fell back as Wall Street took a dive on concerns that companies had begun to feel the impact of last week's terrorist attacks in the United States.
"There are other forces running counter to the BoJ's aim," said the JP Morgan trader. ― (AFP, New York)
© Agence France Presse 2001
© 2001 Mena Report (www.menareport.com)
