Fed Tried to Boost Dollar in February
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NEW YORK — The Federal Reserve ended a 10-month absence from the foreign exchange market by purchasing $1.4 billion against the German mark when the dollar hit a historic low in February, the government said Thursday.
The Fed, which has the authority to buy and sell dollars to influence the currency’s direction, outlined its activities for the three-month period ended in April at a press briefing.
The central bank said it intervened in the currency market Feb. 4, ending the longest period of inaction in four years, and continued to buy dollars for seven consecutive business days.
Despite the Fed’s efforts to prop up the dollar, the U.S. currency did not respond immediately and set a new low of 1.4430 marks Feb. 11. The dollar began to turn around in February.
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