Pittsburgh Business Times - January 4, 2008 - by Jennifer Curry
A weakened U.S. dollar helped fuel a frenzy of foreign investments in local companies during the fourth quarter.
However, experts say the currency advantage could be short-lived.
In the last two months of 2007 alone, five Pittsburgh-area companies were snapped up by foreign firms. The activity was due at least in part to the declining value of the U.S. dollar, which plummeted more than 10 percent in 2007 compared with the euro and was trading at $1.4725 per euro on the last day of the year.
Compared with the Japanese yen, the U.S. dollar declined about 6 percent in 2007, and it was down about 2 percent compared with the British pound.
The overall dollar index, which compares U.S. currency to a number of foreign currencies, hit 98.8 in November, the lowest it has been since July 1995, according to the Federal Reserve Bank of Atlanta. In January 2007, the index was at 109 -- a 9.4 percent decrease in 11 months.
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