Board of Governors of the Federal Reserve System

1 DEPARTMENT OF THE TREASURY Office of the Comptroller of the Currency FEDERAL RESERVE SYSTEM FEDERAL DEPOSIT INSURANCE CORPORATION DEPARTMENT

dollars) Adjustment and seasonal borrowing Excess reserves 9..0 13.6 10.1...dollar has declined, net, by 1-1/2 percent. Fluctuations have been wide

dollars) 1st Half August - Adjustment borrowing 1101, 641 333 Excess reserves...dollar seems to reflect investors' preference for dollars at a time of

dollars--several hundred million. This had put pressure on the dollar ...dollars, the net effect would be to mop up dollars that had been flowing

dollar and in the international monetary system generally. If, as he thought

dollar had improved its relative standing--mainly owing, he thought, to...dollars into the European central banks--despite the fact that during

dollars 1946 1947 1948 1949 1950 1951 1952 1953 1954 1 Total net borrowing...dollars 1946 1947 1948 1949 1950 1951 1952 1953 1954 1 Domestic -9.0 11.8

dollar has appreciated 1-1/4 percent against a broad basket of foreign...Dollar Exchange Rates lndex(9/1/99 = 100) 1-" FOMC - 11C Sep Nov Jan Mar

Prefatory Note The attached document represents the most complete and accurate version available based on original copies culled from the files

dollar was fairly stable on exchange markets over most of July. However...dollar's strength. The dollar's rise since the July FOMC meeting amounted