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12 May, 1998
The drachma rose against major foreign currencies in domestic markets yesterday, reflecting confidence in the economy by institutional investors abroad.
The phenomenon, which has lasted for weeks, signals the fact that investors see healthy prospects for the country's entry into the European Union's economic and monetary union, the analysts said.
At yesterday's central bank daily fix, the drachma was at 308.85 to the US dollar; 342.72 to the Ecu; and 174.04 to the mark.
When the drachma's parity was adjusted to enable entry into the EU's exchange rate mechanism on March 14, the national currency was at 327 to the dollar and 357 to the Ecu.
The drachma has therefore risen 5.6 percent to the dollar, and 4.0 percent to the Ecu.
The government has said it hopes to join EMU by January 1, 2001, and take part in the launch of the euro, the EU's single currency, in physical form a year later.
Source: Athens News Agency