US dollar hits record high against the French franc

The dollar soared to a record high against the French franc Monday, also strengthening appreciably against the West German mark, the Japanese yen and the Hong Kong dollar.

Dealers blamed differing local reasons rather than a new burst of enthusiasm for the dollar. For instance, after French Finance Ministry officials dismissed newspaper reports that France would introduce new foreign-exchange controls to defend the franc, the dollar surged to an all-time high of 7.1775 francs, up from Friday's close of 7.1040.