The latest decline was the first since a drop of 1.8 percent in the second quarter of 1986.
Some evidence already suggests that even before its latest decline the dollar had fallen too far.
They see the dollar's latest decline as a preference for a weaker dollar.
"The latest decline in the peso does not mean growth will accelerate," he said.
However, this late decline occurred from a very low initial level.
But even with the latest decline, import prices are still 4.1 percent higher than they were a year ago.
Bond prices tumbled in light trading, following the dollar's latest decline.
So far, it is too soon to measure consumer actions after the stock market's latest decline.
So far, the Reagan Administration has had nothing to say about the latest decline of the dollar.
The latest decline, to $1.3 million when a seat changed hands on Wednesday, presumably does not reflect worries about the health of the stock market.