NEW YORK -- U.S. monetary authorities purchased a record $1.56 billion in the concerted effort to prop up the dollar on June 24, the Federal Reserve Bank of New York re ported last week.

The attempt to support the dollar, which involved 16 other central banks, "was widely reported as a failure by people who took at immediate rate reactions." Peter Fisher, senior vice president of the New York Fed and the Federal Open Market Committee's manager for foreign operations, conceded at a press conference.

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