Venezuela's official bolivar rate falls 5.1 pct

www.forbes.com Reuters, 01.21.03, 1:03 PM ET

CARACAS, Venezuela, Jan 21 (Reuters) - Venezuela's bolivar, battered by the nation's political and economic turmoil, slipped 5.1 percent on Tuesday on the 51st day of an opposition strike against President Hugo Chavez.

The bolivar closed Tuesday trading at an average of 1,849.50/1,853 bolivars to the dollar from Friday's close, according to the Central Bank reference rate. The bank did not publish its reference rate on Monday due to the market holiday in the United States.

Traders said the bolivar dipped to an average of 1,908 to the dollar at the close of Tuesday interbank trading due to strong demand for the U.S. greenback. It fell as low as 1,925 bolivars during trading.

The bolivar has lost about 24.3 percent since the start of the year as markets are rattled by the sharp economic downturn and political conflict between President Hugo Chavez and his foes. The currency has lost about 28.5 percent since the opposition strike began on Dec. 2.

Strikers are demanding that the populist president resign and call immediate elections in the world's No. 5 oil exporter. But the combative former paratrooper has refused and is determined to beat the shutdown. The stoppage has slashed Venezuela's vital oil exports.