NEW YORK—The U.S. monetary authorities did not intervene in the foreign exchange markets during the January—March quarter, the Federal Reserve Bank of New York said today in its quarterly report to the U.S. Congress.
During the three months that ended March 31, 2008, the dollar depreciated 8.2 percent against the euro and 10.8 percent against the yen. In this period, the dollar’s trade-weighted exchange value decreased 4.0 percent as measured by the Federal Reserve Board’s major currencies index.
The report was presented by William Dudley, executive vice president of the Federal Reserve Bank of New York and the Federal Open Market Committee’s manager for the System Open Market Account, on behalf of the Treasury and the Federal Reserve System.
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