The Paris Bourse -- France's foreign exchange market -- opened for business today (Tuesday) after a one-day closure following the devaluation of the United States dollar.
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Background: The Paris Bourse -- France's foreign exchange market -- opened for business today (Tuesday) after a one-day closure following the devaluation of the United States dollar. When dealing began, the French commercial franc opened near its new floor against the dollar at 5.22 - 5.23. On Monday, the Bank of France fixed the dollar-franc parity at 5.1157, with the franc floor at 5.231.
SYNOPSIS: The Paris Foreign Exchange Market -- the Bourse -- opened its doors on Tuesday morning after a one-day closure to take account of the weekend devaluation of the United States dollar.
When business opened, the rate quoted for the franc against the dollar was considerably down on the parity fixed by the Bank of France on Monday. In fact it was close to the official floor for the france. Many French dealers had been hoping the dollar devaluation would be smaller than it was, as this would have caused a bigger revaluation of the West German Mark, and helped France's trading position in Western Europe. As it was, the first day's trading at the new rate showed little excitement.