WASHINGTON -- The United States and other major industrial countries yesterday intervened repeatedly and massively in foreign exchange markets in a coordinated effort to prop up the sagging dollar.

The unusual move, announced by Treasury Secretary Lloyd Bentsen, signaled an end to the Clinton Administration's policy of allowing the dollar to drift lower despite the risk of higher inflation.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.