Dollar Drops Second Day
Commerce Secretary Malcolm Baldrige said today the value of the dollar will have to drop another 20% against foreign currencies to make U.S. exports competitive in world markets.
The dollar dropped again on foreign exchange markets today. In London, a pound brought $1.4360 against Monday’s close of $1.4255. Banking sources in Tokyo said the dollar today recorded its sharpest single-day fall against the yen after Japan intervened to boost the yen at the opening of trading.