Word: greenback
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...DOLLAR The greenback does an uncanny impression of the peso...
...government officials are studying the consequences of the newly pervasive greenback and the concomitant rise in counterfeiting. The currency outflow produces one sweet side effect: the Treasury saves an estimated $15 billion a year since it pays nothing on the dollars held overseas that don't make their way into American interest-bearing accounts. At the same time, since the flow of funds abroad cannot be precisely quantified, it makes it almost impossible for the Fed to gauge the domestic money supply and thus know with certainty how to manipulate it. "Estimates of currency held abroad are subject to considerable...
...ruble lost one-fourth of its value against the greenback Tuesday in the worst one-day nosedive since 1992. It closed at 3,926 to the dollar, or 1/40th of a cent, at the Moscow Interbank Currency Exchange, a drop of 845 points. Russians went on a buying spree, picking up durables like refrigerators, stereo and televisions -- anything to rid themselves of their national currency. What caused the drop? Speculators dumping the currency in huge quantities, and an underlaying pessimism about the country's political stability...
Makeover for the Greenback...
...after day the greenback has been hitting post-World War II lows against the Japanese yen. At one point last week the dollar would buy less than 98 yen, down about 2% since June 21 and 10% since February. The dollar has also fallen about 8% this year against the deutsche mark, to 1.59 DM last week. Those drops have contributed to a continuing erosion of stock and bond prices. The Dow Jones industrial average was 3647 Friday, down 8% from its Jan. 31 high, while the yield on 30-year U.S. Treasury bonds had risen to 7.6%, higher than...