UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C. 20549

                           FORM 10-Q



[X]   Quarterly  report pursuant to Section 13 or  15(d)  of  the
Securities Exchange Act of 1934
For the quarterly period ended June 30, 1999 or

[  ]   Transition report pursuant to Section 13 or 15(d)  of  the
Securities Exchange Act of 1934
For the transition period from               to

Commission File No. 0-23826

                      DEAN WITTER WORLD CURRENCY FUND L.P.
     (Exact name of registrant as specified in its charter)


          Delaware                              13-3700691
(State or other jurisdiction of              (I.R.S. Employer
incorporation  or organization)                    Identification
No.)

c/o Demeter Management Corporation
Two World Trade Center, 62 Fl., New York, NY             10048
(Address of principal executive offices)               (Zip Code)


Registrant's telephone number, including area code (212) 392-5454


(Former  name, former address, and former fiscal year, if changed
since last report)


Indicate  by check-mark whether the registrant (1) has filed  all
reports  required  to be filed by Section  13  or  15(d)  of  the
Securities  Exchange Act of 1934 during the preceding  12  months
(or  for such shorter period that the registrant was required  to
file  such  reports),  and (2) has been subject  to  such  filing
requirements for the past 90 days.

Yes     X           No










<PAGE>
<TABLE>

              DEAN WITTER WORLD CURRENCY FUND L.P.

             INDEX TO QUARTERLY REPORT ON FORM 10-Q

                         June 30, 1999
<CAPTION>

PART I. FINANCIAL INFORMATION
<S>                                                           <C>
Item 1. Financial Statements

     Statements of Financial Condition June 30, 1999
     (Unaudited) and December 31, 1998..........................2

     Statements of Operations for the Quarters Ended
     June 30, 1999 and 1998 (Unaudited).........................3

     Statements of Operations for the Six Months Ended
     June 30, 1999 and 1998 (Unaudited).........................4

     Statements of Changes in Partners' Capital for the
        Six Months Ended June 30, 1999 and 1998
     (Unaudited)................................................5

     Statements of Cash Flows for the Six Months Ended
     June 30, 1999 and 1998 (Unaudited).........................6

        Notes to Financial Statements (Unaudited).............. 7-
     10

Item 2. Management's Discussion and Analysis of

Financial Condition and Results of Operations...... 11-19

Item 3. Quantitative and Qualitative Disclosures about
        Market Risk.......................................  20-28

Part II. OTHER INFORMATION

Item 1. Legal Proceedings......................................29

Item 6. Exhibits and Reports on Form 8-K...................... 29






</TABLE>







<PAGE>
<TABLE>

                 PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements

              DEAN WITTER WORLD CURRENCY FUND L.P.
               STATEMENTS OF FINANCIAL CONDITION

<CAPTION>

                                      June 30,     December 31,
                                        1999           1998
                                         $              $
                                    (Unaudited)
ASSETS
<S>                                  <C>            <C>
Equity in futures interests trading accounts:
 Cash                            23,947,604      26,130,701
 Net unrealized loss on open contracts    (601,845)  (1,101,440)

      Total Trading Equity       23,345,759      25,029,261

Interest receivable (DWR)           71,502               76,126
Due from DWR                        29,076                -

      Total Assets               23,446,337      25,105,387


LIABILITIES AND PARTNERS' CAPITAL

Liabilities

 Redemptions payable                377,092         248,498
 Accrued management fees             58,543           62,749
 Accrued administrative expenses          29,221           5,977

      Total Liabilities            464,856          317,224

Partners' Capital

 Limited Partners (22,340.303 and
  25,297.735 Units, respectively)22,664,441      24,485,689
 General Partner (312.506 Units)       317,040        302,474

 Total Partners' Capital         22,981,481      24,788,163

  Total  Liabilities and Partners' Capital    23,446,337     25,1

05,387


NET ASSET VALUE PER UNIT           1,014.51            967.90
<FN>
          The accompanying notes are an integral part
                 of these financial statements.
</TABLE>

<PAGE>
<TABLE>
              DEAN WITTER WORLD CURRENCY FUND L.P.
                    STATEMENTS OF OPERATIONS
                           (Unaudited)


<CAPTION>



                                For the Quarters Ended June 30,

                                       1999            1998
                                        $            $
REVENUES
<S>                           <C>            <C>
 Trading profit (loss):
    Realized                       610,805   2,408,497
    Net change in unrealized       (467,693)    (590,272)

      Total Trading Results        143,112   1,818,225

 Interest Income (DWR)             216,449            285,996

      Total Revenues               359,561     2,104,221

EXPENSES

 Brokerage commissions (DWR)       235,664     301,092
 Management fees                   182,373     221,632
 Administrative expenses            15,469      18,385
 Transaction fees and costs         12,965         17,391

      Total Expenses               446,471       558,500

NET INCOME (LOSS)                   (86,910)  1,545,721


NET INCOME (LOSS) ALLOCATION

                         Limited                         Partners
(85,438)                1,481,122
      General      Partner                                (1,472)
64,599

NET INCOME (LOSS) PER UNIT

                         Limited                         Partners
(4.71)                        53.50
                          General                         Partner
(4.71)                                          53.50

<FN>

          The accompanying notes are an integral part
                 of these financial statements.
</TABLE>


<apge>
<TABLE>
              DEAN WITTER WORLD CURRENCY FUND L.P.
                    STATEMENTS OF OPERATIONS
                           (Unaudited)


<CAPTION>



                                For the Six Months Ended June 30,

                                       1999            1998
                                        $            $
REVENUES
<S>                          <C>             <C>
 Trading profit (loss):
    Realized                       1,112,347  1,500,178
    Net change in unrealized         499,595    (111,345)

      Total Trading Results        1,611,942  1,388,833

 Interest Income (DWR)               437,199    592,578

      Total Revenues               2,049,141    1,981,411

EXPENSES

 Brokerage commissions (DWR)         441,070    519,850
 Management fees                     369,091    449,681
    Administrative   expenses                30,884        37,246
Transaction fees and costs            22,677     29,107

    Total Expenses                   863,722  1,035,884

NET INCOME                         1,185,419      945,527


NET INCOME ALLOCATION

                         Limited                         Partners
1,170,853                         902,673
                          General                         Partner
14,566                                        42,854

NET INCOME PER UNIT

                         Limited                         Partners
46.61                                                       35.49
General                                                   Partner
46.61                        35.49
<FN>

          The accompanying notes are an integral part
                 of these financial statements.
</TABLE>



<PAGE>
<TABLE>

              DEAN WITTER WORLD CURRENCY FUND L.P.
           STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
        For the Six Months Ended June 30, 1999 and 1998
                          (Unaudited)

<CAPTION>



                          Units of
                        Partnership Limited   General
                          Interest   Partners Partner    Total

<S>              <C>                       <C>                   <C>
<C>
Partners' Capital,
 December 31, 1997   32,073.339            $30,674,029           $1,200,002
$31,874,031

Net Income             -                     902,673             42,854
945,527

Redemptions           (2,855.767)          (2,746,636)                     -
(2,746,636)

Partners' Capital,
 June 30, 1998       29,217.572            $28,830,066           $1,242,856
$30,072,922





Partners' Capital,
 December 31, 1998   25,610.241            $24,485,689           $302,474
$24,788,163

Net Income               -                 1,170,853             14,566
1,185,419

Redemptions           (2,957.432)            (2,992,101)                 -
(2,992,101)

Partners' Capital,
 June 30, 1999         22,652.809          $22,664,441           $317,040
$22,981,481



<FN>







           The accompanying notes are an integral part
                 of these financial statements.

</TABLE>


<PAGE>
<TABLE>
              DEAN WITTER WORLD CURRENCY FUND L.P.
                    STATEMENTS OF CASH FLOWS
                           (Unaudited)

<CAPTION>




                                For the Six Months Ended June 30,

                                       1999            1998
                                        $            $
CASH FLOWS FROM OPERATING ACTIVITIES
<S>                       <C>                            <C>
Net income                        1,185,419              945,527
Noncash item included in net income:
    Net change in unrealized       (499,595)             111,345

(Increase) decrease in operating assets:
    Interest receivable (DWR)         4,624              13,569
    Due from DWR                     (29,076)            (49,606)
      Net  option  premiums                -                    (
204,551)

Increase (decrease) in operating liabilities:
     Accrued management fees           (4,206)            (4,642)
Accrued        administrative        expenses              23,244
37,241

Net    cash    provided   by   operating   activities     680,410
848,883


CASH FLOWS FROM FINANCING ACTIVITIES

 Increase (decrease) in redemptions payable 128,594      (50,900)
      Redemptions      of      units                  (2,992,101)
(2,746,636)

Net    cash    used   for   financing   activities    (2,863,507)
(2,797,536)


Net   decrease  in  cash               (2,183,097)              (
1,948,653)

Balance      at      beginning     of     period       26,130,701
31,327,827

Balance      at      end     of     period             23,947,604
29,379,174

<FN>


          The accompanying notes are an integral part
                 of these financial statements.
</TABLE>




<PAGE>

              DEAN WITTER WORLD CURRENCY FUND L.P.

                  NOTES TO FINANCIAL STATEMENTS

                           (UNAUDITED)

The  financial statements include, in the opinion of  management,

all  adjustments necessary for a fair presentation of the results

of  operations  and  financial condition  of  Dean  Witter  World

Currency Fund L.P. (the "Partnership").  The financial statements

and condensed notes herein should be read in conjunction with the

Partnership's December 31, 1998 Annual Report on Form 10-K.



2.  Organization

Dean  Witter  World  Currency Fund L.P. is a limited  partnership

organized  to  engage  primarily in the  speculative  trading  of

commodity  futures,  options  and forward  contracts  on  foreign

currencies  (collectively,  "futures  interests").   The  general

partner  for  the  Partnership is Demeter Management  Corporation

("Demeter").   The non-clearing commodity broker is  Dean  Witter

Reynolds  Inc.  ("DWR")  and an unaffiliated  clearing  commodity

broker,  Carr  Futures  Inc.  ("Carr"),  provides  clearing   and

execution  services.   Both  Demeter  and  DWR  are  wholly-owned

subsidiaries of Morgan Stanley Dean Witter & Co. ("MSDW").   John

W.  Henry & Company and Millburn Ridgefield Corporation  are  the

trading advisors (the "Trading Advisors") to the Partnership.



2.  Related Party Transactions

The Partnership's cash is on deposit with DWR and Carr in futures

interests trading accounts to meet margin requirements as needed.


<PAGE>
              DEAN WITTER WORLD CURRENCY FUND L.P.
           NOTES TO FINANCIAL STATEMENTS - (CONTINUED)


DWR pays interest on these funds based on current 13-week U.S.

Treasury bill rates. The Partnership pays brokerage commissions

to DWR.



3.  Financial Instruments

The Partnership trades futures, options and forward contracts  on

foreign currencies.  Futures and forwards represent contracts for

delayed delivery of an instrument at a specified date and  price.

Risk arises from changes in the value of these contracts and  the

potential inability of counterparties to perform under the  terms

of   the  contracts.   There  are  numerous  factors  which   may

significantly  influence  the market value  of  these  contracts,

including interest rate volatility.



In  June  1998, the Financial Accounting Standards  Board  issued

Statement  of  Financial Accounting Standard  ("SFAS")  No.  133,

"Accounting  for  Derivative Instruments and Hedging  Activities"

effective  for fiscal years beginning after June 15,  1999.   The

Partnership  elected  to adopt the provisions  of  SFAS  No.  133

beginning  with  the  fiscal year that ended December  31,  1998.

SFAS  No. 133 supersedes SFAS No. 119 and No. 105, which required

the   disclosure   of   average   aggregate   fair   values   and

contract/notional  values, respectively, of derivative  financial

instruments for an







<PAGE>

              DEAN WITTER WORLD CURRENCY FUND L.P.
           NOTES TO FINANCIAL STATEMENTS - (CONTINUED)




entity  which carries its assets at fair value.  The  application

of  SFAS  No.  133  does  not have a significant  effect  on  the

Partnership's financial statements.



The  net  unrealized  loss on open contracts  is  reported  as  a

component  of  "Equity in futures interests trading accounts"  on

the  Statements of Financial Condition and totaled  $601,845  and

$1,101,440 at June 30, 1999 and December 31, 1998, respectively.



The  net unrealized losses on open contracts of $601,845 at  June

30,  1999  and  $1,101,440 at December 31, 1998 related  to  off-

exchange-traded forward currency contracts.



Off-exchange-traded  forward  currency  contracts  held  by   the

Partnership at June 30, 1999 and December 31, 1998 mature through

September 1999 and March 1999, respectively.



The  Partnership  is subject to the credit risk  associated  with

counterparty  non-performance.  The credit risk  associated  with

the  instruments in which the Partnership is involved is  limited

to  the  amounts  reflected  in the Partnership's  Statements  of

Financial  Condition.  DWR and Carr act as the futures commission

merchants  or  the counterparties with respect  to  most  of  the

Partnership's assets.  Exchange-traded futures and futures-styled



<PAGE>

              DEAN WITTER WORLD CURRENCY FUND L.P.
           NOTES TO FINANCIAL STATEMENTS - (CONCLUDED)


options  contracts  are marked to market on a daily  basis,  with

variations  in value settled on a daily basis. Each  of  DWR  and

Carr,  as  a futures commission merchant for all of the  Partner-

ship's   exchange-traded   futures  and  futures-styled   options

contracts, are required, pursuant to regulations of the Commodity

Futures  Trading Commission ("CFTC") to segregate from their  own

assets,  and  for the sole benefit of their commodity  customers,

all  funds  held by them with respect to exchange-traded  futures

and  futures-styled options contracts, including an amount  equal

to the net unrealized gain on all open futures and futures-styled

options   contracts,  which  funds,  in  the  aggregate,  totaled

$23,947,604  and  $26,130,701 at June 30, 1999 and  December  31,

1998, respectively.



With  respect  to  the Partnership's off-exchange-traded  forward

currency  contracts, there are no daily settlements of variations

in value nor is there any requirement that an amount equal to the

net  unrealized  gain  on open forward contracts  be  segregated.

With   respect  to  those  off-exchange-traded  forward  currency

contracts, the Partnership is at risk to the ability of Carr, the

sole  counterparty on all of such contracts, to perform.   Carr's

parent,   Credit  Agricole  Indosuez,  has  guaranteed   to   the

Partnership  payment  of  the  net  liquidating  value   of   the

transactions  in  the Partnership's account with Carr  (including

foreign currency contracts).





<PAGE>
Item   2.  MANAGEMENT'S  DISCUSSION  AND  ANALYSIS  OF  FINANCIAL
CONDITION AND RESULTS OF OPERATIONS

Liquidity -  Assets of the Partnership are deposited with DWR  as

non-clearing  broker  and  Carr as clearing  broker  in  separate

futures interest trading accounts. Such assets are held in either

non-interest bearing bank accounts or in securities  approved  by

the  CFTC  for  investment of customer funds.  The  Partnership's

assets held by DWR and Carr may be used as margin solely for  the

Partnership's trading.  Since the Partnership's sole  purpose  is

to   trade  in  futures  interests,  it  is  expected  that   the

Partnership  will continue to own such liquid assets  for  margin

purposes.



The  Partnership's investment in futures interests may, from time

to time, be illiquid.  Most United States futures exchanges limit

fluctuations in certain futures interest prices during  a  single

day  by  regulations  referred to as  "daily  price  fluctuations

limits" or "daily limits".  Pursuant to such regulations,  during

a  single trading day no trades may be executed at prices  beyond

the  daily limit.  If the price for a particular futures interest

has increased or decreased by an amount equal to the daily limit,

positions  in  such  futures interest can neither  be  taken  nor

liquidated  unless  traders are willing to effect  trades  at  or

within  the  limit.   Futures interests prices have  occasionally

moved the daily limit for several consecutive days with little or

no trading.  Such market conditions could prevent the Partnership

from  promptly  liquidating its futures interests and  result  in

restrictions on redemptions.





<PAGE>

There  is  no limitation on daily price moves in trading  forward

contracts  on  foreign  currency.  The  markets  for  some  world

currencies  have low trading volume and are illiquid,  which  may

prevent  the  Partnership from trading in potentially  profitable

markets  or  from  promptly  liquidating  unfavorable  positions,

subjecting  it  to substantial losses.  Either  of  these  market

conditions could result in restrictions on redemptions.



Capital  Resources. The Partnership does not have,  nor  does  it

expect to have, any capital assets.  Future redemptions of  Units

of  Limited  Partnership  Interest ("Unit(s)")  will  affect  the

amount of funds available for investment in futures interests  in

subsequent periods.  Since they are at the discretion of  Limited

Partners,  it  is  not  possible  to  estimate  the  amount   and

therefore, the impact of future redemptions of Units.



Results of Operations

For the Quarter and Six Months Ended June 30, 1999

For  the  quarter  ended June 30, 1999, the Partnership  recorded

total trading revenues including interest income of $359,561, and

after  expenses, posted a decrease in Net Asset Value  per  Unit.

The  most significant net trading losses were experienced  during

May  from  short positions in the euro versus the  Japanese  yen.

The  value  of  the  yen  weakened versus the  euro  on  widening

interest  rate differentials between Japan and the United  States

and  on talk that China may devalue its currency.  Short Japanese

yen positions were unprofitable versus the U.S. dollar during mid-

June as the value of the yen strengthened temporarily on

<PAGE>

reports  of  stronger-than-expected gross domestic  product  data

from Japan, reports that U.S. assets had declined on inflationary

jitters  and  expectations of a U.S. interest rate  hike.   Newly

established  long  yen  positions resulted in  additional  losses

later  in  the month as the yen's value weakened versus the  U.S.

dollar  after the Bank of Japan intervened to prevent a  rise  in

the  yen  in  an  effort to assist economic  recovery  in  Japan.

Additional  losses  were  recorded from short  positions  in  the

Singapore  dollar  as  the value of most Far  Eastern  currencies

rallied  during  April  amid  increased  optimism  regarding  the

potential  for economic recovery in that region and  during  June

due  to  the  short-lived strength in the Japanese yen.   Smaller

losses  were  incurred from long British pound positions  as  the

value  of the pound receded during May after the Bank of  England

stated  that  it might cut interest rates to stem any undesirable

appreciation  of  the  pound and during June  as  U.K.  inflation

reached  a  six-year low.  These losses were partially offset  by

gains  from  short positions in the euro and Swiss franc  as  the

value  of these European currencies weakened steadily versus  the

U.S.  dollar during April due to the lack of economic  growth  in

the  European community, the ongoing military conflict in  Kosovo

and  strong economic data out of the U.S.  During June month-end,

the   U.S.   dollar  strengthened  relative  to  these   European

currencies  after tame U.S. inflation data eased fears  that  the

Federal  Reserve was about to embark on a series of  rate  hikes.

Total  expenses  for the three months ended June  30,  1999  were

$446,471, resulting in a net loss of $86,910.  The value of a



<PAGE>

Unit  decreased from $1,019.22 at March 31, 1999 to $1,014.51  at

June 30, 1999.



For  the six months ended June 30, 1999, the Partnership recorded

total  trading  revenues including interest income of  $2,049,141

and  posted  an  increase in Net Asset Value per Unit.  The  most

significant  gains  were recorded throughout a  majority  of  the

first  half of the year from short positions in the euro  as  the

value  of the European common currency declined relative  to  the

U.S.  dollar  on  the  strength of  the  U.S.  economy,  concerns

pertaining to the economic health of Europe and Japan and growing

uncertainty about the military action in Yugoslavia.   Additional

gains were recorded from short Swiss franc positions as the value

of  the  U.S. dollar increased versus the franc during March  and

April as investors reasoned that the U.S. is the safest place  to

invest  during the crisis in Kosovo.  These gains were  partially

offset  by  losses experienced during January and  February  from

long Japanese yen positions as the value of the yen fell to a 2 1/2

month  low  versus  the  U.S.  dollar  after  several  key  Tokyo

officials  suggested that Japanese policy makers  were  satisfied

with  a  weaker  yen.  Additional losses were experienced  during

March from newly established short Japanese yen positions as  the

value  of  the  yen  increased relative to the U.S.  dollar  amid

positive  investor  reaction to the Bank of Japan's  decision  to

leave  the official discount rate unchanged.  Short Japanese  yen

positions were also unprofitable during June as the value of  the

yen temporarily strengthened versus the U.S. dollar on reports of

stronger-than-expected gross domestic product data from Japan.

<PAGE>

Newly  established long Japanese yen positions during  June  were

also  unprofitable  as the value of the yen weakened  versus  the

U.S.  dollar after the Bank of Japan intervened to prevent a rise

in  the  yen.  Additional losses were recorded during late  March

from  long  British  pound positions as the value  of  the  pound

retreated when a member of the Bank of England's Monetary  Policy

committee  said  that he confidently expected Britain  to  switch

from the pound to the European Union's single currency, the euro.

Smaller  losses were recorded during January from short Norwegian

krone  positions as its value strengthened versus the U.S. dollar

due   to  stable  oil  prices  and  the  possibility  that   this

Scandinavian currency could be linked to the euro sometime in the

future.   During  March,  losses  were  experienced  from   short

Norwegian  krone positions as its value strengthened  versus  the

U.S.  dollar  in  reaction to the rally  in  oil  prices.   Total

expenses  for  the six months ended June 30, 1999 were  $863,722,

resulting  in  net income of $1,185,419.  The  value  of  a  Unit

increased from $967.90 at December 31, 1998 to $1,014.51 at  June

30, 1999.



For the Quarter and Six Months Ended June 30, 1998

For  the  quarter  ended June 30, 1998, the Partnership  recorded

total  trading  revenues including interest income of  $2,104,221

and  posted  an increase in Net Asset Value per Unit.   The  most

significant gains were recorded from short positions in the South

African rand held throughout the quarter.  Gains were recorded in

April as this currency weakened versus the U.S. dollar and in May

from a devaluation relative to the U.S. dollar late in the month.

<PAGE>

Short  positions in the rand continued to profit as the value  of

the South African rand trended sharply lower relative to the U.S.

dollar  in  June  despite intervention by that country's  central

bank  late  in  the month.  Additional gains were  recorded  from

short  Japanese yen positions as the value of the yen fell  to  a

seven and a half year low versus the U.S. dollar during May  amid

growing  concerns  regarding the Asian  economic  crisis.   Short

Japanese  yen  positions held during June contributed  additional

profits as the value of the yen decreased versus the U.S.  dollar

despite   coordinated  intervention  by  the  U.S.  and  Japanese

governments  during the third week of June in an effort  to  halt

the  downward  slide  of the yen.  Smaller  currency  gains  were

recorded  from short positions in the Australian and New  Zealand

dollars.   A portion of the Partnership's overall gains  for  the

second quarter was offset by losses recorded from short positions

in  the  German  mark  and Swiss franc  as  the  value  of  these

currencies  strengthened relative to other  world  currencies  in

April  and May.  Transactions involving the German mark continued

to result in losses during June.  Smaller losses were experienced

from long British pound positions held during May as the value of

the  pound decreased relative to the U.S. dollar, and short pound

positions  held  during June as the value of the pound  increased

sharply  during mid-month.  Total expenses for the  three  months

ended  June  30, 1998 were $558,500, resulting in net  income  of

$1,545,721.  The value of a Unit increased from $975.78 at  March

31, 1998 to $1,029.28 at June 30, 1998.





<PAGE>

For  the six months ended June 30, 1998, the Partnership recorded

total  trading  revenues including interest income of  $1,981,411

and  posted  an increase in Net Asset Value per Unit.   The  most

significant trading gains were recorded from short South  African

rand  positions as its value moved sharply lower relative to  the

U.S.  dollar  during the second quarter.  Additional  gains  were

recorded  from  short Japanese yen positions as the  U.S.  dollar

strengthened  versus the yen during March.   Short  Japanese  yen

positions  continued to profit during the second quarter  as  the

yen  reached  a seven and a half year low relative  to  the  U.S.

dollar  during May and preceded lower until mid-June.  A  portion

of  the  Partnership's overall gains was offset  by  losses  from

trading  the German mark and British pound throughout the  second

quarter.   Smaller currency gains recorded from short  Australian

and   New  Zealand  dollar  positions  also  contributed  to  the

Partnership's  profits  during the first  half  of  1998.   Total

expenses  for the six months ended June 30, 1998 were $1,035,884,

resulting  in  net  income of $945,527.   The  value  of  a  Unit

increased from $993.79 at December 31, 1997 to $1,029.28 at  June

30, 1998.



Year  2000 Problem.  Commodity pools, like financial and business

organizations  and individuals around the world,  depend  on  the

smooth functioning of computer systems.  Many computer systems in

use  today cannot recognize the computer code for the year  2000,

but revert to 1900 or some other date.  This is commonly known as

the  "Year  2000  Problem". The Partnership  could  be  adversely

affected if computer systems used by it or any third party with

<PAGE>

whom  it has a material relationship do not properly process  and

calculate date-related information and data concerning  dates  on

or  after January 1, 2000.  Such a failure could adversely affect

the  handling or determination of futures trades and  prices  and

other services.



MSDW  began its planning for the Year 2000 Problem in  1995,  and

currently  has several hundred employees working on  the  matter.

It  has developed its own Year 2000 compliance plan to deal  with

the  problem and had the plan approved by the company's executive

management,   Board  of  Directors  and  Information   Technology

Department. Demeter is coordinating with MSDW to address the Year

2000  Problem  with  respect to Demeter's computer  systems  that

affect  the  Partnership.  This includes  hardware  and  software

upgrades, systems consulting and computer maintenance.



Beyond  the  challenge  facing  internal  computer  systems,  the

systems  failure  of  any  of the third  parties  with  whom  the

Partnership  has a material relationship - the futures  exchanges

and  clearing organizations through which it trades, Carr, or the

Trading  Advisors - could result in a material financial risk  to

the  Partnership.  All  U.S. futures  exchanges  are  subject  to

monitoring  by the CFTC of their Year 2000 preparedness  and  the

major  foreign futures exchanges are also expected to be  subject

to market-wide testing of their Year 2000 compliance during 1999.

Demeter  intends to monitor the progress of Carr and the  Trading

Advisors throughout 1999 in their Year 2000 compliance and, where



<PAGE>

applicable,  to  test its external interface with  Carr  and  the

Trading Advisors.



A  worst case scenario would be one in which trading of contracts

on  behalf  of the Partnership becomes impossible as a result  of

the  Year 2000 problem encountered by any third parties.  A  less

catastrophic  but  more likely scenario would  be  one  in  which

trading  opportunities diminish as a result of technical problems

resulting  in  illiquidity  and  fewer  opportunities   to   make

profitable trades. MSDW has begun developing various "contingency

plans" in the event that the systems of such third parties  fail.

Demeter  intends  to  consult closely with MSDW  in  implementing

those  plans.  Despite the best efforts of both Demeter and MSDW,

however,  it is possible that these steps will not be  sufficient

to avoid any adverse impact to the Partnership.


Risks  Associated  With  the Euro.  On January  1,  1999,  eleven

countries  in  the  European Union established  fixed  conversion

rates on their existing sovereign currencies and converted  to  a

common   single  currency  (the  "euro").   During  a  three-year

transition  period,  the sovereign currencies  will  continue  to

exist  but  only as a fixed denomination of the euro.  Conversion

to the euro prevents the Trading Advisors from trading in certain

currencies and thereby limits their ability to take advantage  of

potential market opportunities that might otherwise have  existed

had  separate  currencies been available  to  trade.  This  could

adversely affect the performance results of the Partnership.



<PAGE>
Item  3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES  ABOUT  MARKET
RISK

Introduction

The  Partnership  is a commodity pool engaged  primarily  in  the

speculative  trading of futures interests.  The market  sensitive

instruments  held  by  the Partnership are  acquired  solely  for

speculative   trading  purposes  and,  as  a   result,   all   or

substantially all of the Partnership's assets are subject to  the

risk  of trading loss.  Unlike an operating company, the risk  of

market sensitive instruments is integral, not incidental, to  the

Partnership's primary business activities.



The  futures interests traded by the Partnership involve  varying

degrees  of  related  market risk.  Such  market  risk  is  often

dependent  upon  changes in the level or volatility  of  interest

rates,   exchange  rates,  and/or  market  values  of   financial

instruments and commodities.  Fluctuations in related market risk

based upon the aforementioned factors result in frequent changes

in  the  fair  value  of the Partnership's open  positions,  and,

consequently, in its earnings and cash flow.



The  Partnership's  total market risk is  influenced  by  a  wide

variety  of factors, including the diversification effects  among

the Partnership's existing open positions, the volatility present

within  the  market(s), and the liquidity of the  market(s).   At

varying  times,  each of these factors may act to  exacerbate  or

mute the market risk associated with the Partnership.





<PAGE>

The  Partnership's past performance is not necessarily indicative

of   its   future  results.   Any  attempt  at  quantifying   the

Partnership's  market  risk  must be qualified  by  the  inherent

uncertainty  of its speculative trading, which may  cause  future

losses and volatility (i.e. "risk of ruin") far in excess of  the

Partnership's   experience   to  date   and/or   any   reasonable

expectation premised upon historical changes in the fair value of

its market sensitive instruments.



Quantifying the Partnership's Trading Value at Risk

The    following    quantitative   disclosures   regarding    the

Partnership's  market  risk  exposures  contain  "forward-looking

statements"  within  the meaning of the safe  harbor  from  civil

liability  provided for such statements by the Private Securities

Litigation  Reform Act of 1995 (set forth in Section 27A  of  the

Securities Act of 1933 and Section 21E of the Securities Exchange

Act  of 1934).  All quantitative disclosures in this section  are

deemed to be forward-looking statements for purposes of the  safe

harbor, except for statements of historical fact.



The Partnership accounts for open positions on the basis of mark-

to-market accounting principles.  As such, any loss in the fair

value  of  the Partnership's open positions is directly reflected

in  the  Partnership's earnings, whether realized or  unrealized,

and  the  Partnership's cash flow, as profits and losses on  open

positions of exchange-traded futures interests are settled  daily

through variation margin.

<PAGE>

The  Partnership's  risk exposure in the various  market  sectors

traded  by  the Trading Advisors is estimated below in  terms  of

Value  at Risk ("VaR"). The VaR model employed by the Partnership

incorporates numerous variables that could impact the fair  value

of   the   Partnership's  trading  portfolio.   The   Partnership

estimates VaR using a model based on historical simulation with a

confidence   level   of  99%.   Historical  simulation   involves

constructing  a  distribution of hypothetical  daily  changes  in

trading  portfolio  value.  The VaR model  generally  takes  into

account linear exposures to price and interest rate risk.  Market

risks  that are incorporated in the VaR model include equity  and

commodity prices, interest rates, foreign exchange rates, as well

as   correlation   that  exists  among  these   variables.    The

hypothetical  changes  in  portfolio value  are  based  on  daily

observed percentage changes in key market indices or other market

factors  ("market  risk  factors")  to  which  the  portfolio  is

sensitive.   In the case of the Partnership's VaR, the historical

observation   period   is   approximately   four   years.     The

Partnership's one-day 99% VaR corresponds to the negative  change

in  portfolio  value that, based on observed market  risk  factor

moves, would have been exceeded once in 100 trading days.



VaR models such as the Partnership's are continually evolving  as

trading  portfolios  become more diverse and modeling  techniques

and systems capabilities improve.  It must also be noted that the

VaR model is used to quantify market risk for historic reporting





<PAGE>

purposes  only  and  is  not utilized by either  Demeter  or  the

Trading Advisors in their daily risk management activities.



The Partnership's Value at Risk in Different Market Sectors

The  following  table  indicates  the  VaR  associated  with  the

Partnership's open positions as a percentage of total Net  Assets

by market category as of June 30, 1999.  As of June 30, 1999, the

Partnership's total capitalization was approximately $23 million.

     Primary Market             June 30, 1999
     Risk Category              Value at Risk

     Currency                       (4.30)%

     Aggregate Value at Risk        (4.30)%


The  table  above  represents the VaR of the  Partnership's  open

positions   at  June  30,  1999  only  and  is  not   necessarily

representative  of  either the historic  or  future  risk  of  an

investment  in  the  Partnership.   As  the  Partnership's   sole

business   is  the  speculative  trading  of  primarily   futures

interests, the composition of its portfolio of open positions can

change significantly over any given time period or even within  a

single  trading  day.   Such  changes  in  open  positions  could

materially   impact  market  risk  as  measured  by  VaR   either

positively or negatively.



The table below supplements the quarter-end VaR by presenting the

Partnership's high, low and average VaR as a percentage of  total

Net Assets for the four quarterly reporting periods from July  1,

1998 through June 30, 1999.



<PAGE>

Primary Market Risk Category        High       Low     Average

Currency                           (4.30)%    (1.41)%   (2.92)%

Aggregate Value at Risk            (4.30)%    (1.41)%   (2.92)%


Limitations on Value at Risk as an Assessment of Market Risk

The  face  value  of the market sector instruments  held  by  the

Partnership is typically many times the applicable margin require-

ments, as such margin requirements generally range between 2% and

15%  of  contract face value.  Additionally, due to  the  use  of

leverage, the face value of the market sector instruments held by

the  Partnership is typically many times the total capitalization

of the Partnership.  The financial magnitude of the Partnership's

open  positions thus creates a "risk of ruin" not typically found

in  other investment vehicles.  Due to the relative size  of  the

positions   held,  certain  market  conditions  may   cause   the

Partnership  to incur losses greatly in excess of  VaR  within  a

short  period of time.  The foregoing VaR tables, as well as  the

past  performance of the Partnership, gives no indication of such

"risk  of  ruin".  In  addition,  VaR  risk  measures  should  be

interpreted  in  light  of the methodology's  limitations,  which

include  the following: past changes in market risk factors  will

not  always  yield accurate predictions of the distributions  and

correlations  of  future market movements; changes  in  portfolio

value  in  response  to  market movements  may  differ  from  the

responses implicit in a VaR model; published VaR results  reflect

past  trading  positions  while future  risk  depends  on  future

positions;  VaR  using  a  one-day time horizon  does  not  fully

capture the market risk of positions that cannot be liquidated or

hedged

<PAGE>

within  one day; and the historical market risk factor data  used

for  VaR estimation may provide only limited insight into  losses

that  could  be incurred under certain unusual market  movements.

The foregoing VaR tables present the results of the Partnership's

VaR  for the Partnership's market risk exposure at June 30,  1999

and  for  the   end of the four quarterly reporting periods  from

July  1,  1998  through June 30, 1999.  Since  VaR  is  based  on

historical  data, VaR should not be viewed as predictive  of  the

Partnership's  future financial performance  or  its  ability  to

manage  and monitor risk and there can be no assurance  that  the

Partnership's actual losses on a particular day will  not  exceed

the VaR amounts indicated or that such losses will not occur more

than 1 in 100 trading days.



Non-Trading Risk

The  Partnership has non-trading market risk on its foreign  cash

balances not needed for margin.  However, such balances, as  well

as  any  market  risk  they may represent, are  immaterial.   The

Partnership  also maintains a substantial portion  (approximately

91%) of its available assets in cash at DWR.  A decline in short-

term interest rates will result in a decline in the Partnership's

cash  management  income. This cash flow risk is  not  considered

material.



Materiality,  as used throughout this section,  is  based  on  an

assessment  of  reasonably  possible  market  movements  and  the

potential  losses caused by such movements, taking  into  account

the



<PAGE>

leverage,   optionality   and   multiplier   features   of    the

Partnership's market sensitive instruments.



Qualitative Disclosures Regarding Primary Trading Risk Exposures

The following qualitative disclosures regarding the Partnership's

market risk exposures - except for (i) those disclosures that are

statements  of historical fact and (ii) the descriptions  of  how

the  Partnership  manages  its primary market  risk  exposures  -

constitute  forward-looking  statements  within  the  meaning  of

Section  27A  of  the  Securities Act  and  Section  21E  of  the

Securities  Exchange Act. The Partnership's primary  market  risk

exposures  as  well  as the strategies used and  to  be  used  by

Demeter and the Trading Advisors for managing such exposures  are

subject  to numerous uncertainties, contingencies and risks,  any

one  of which could cause the actual results of the Partnership's

risk  controls to differ materially from the objectives  of  such

strategies.      Government    interventions,    defaults     and

expropriations,  illiquid  markets,  the  emergence  of  dominant

fundamental  factors, political upheavals, changes in  historical

price  relationships,  an  influx  of  new  market  participants,

increased  regulation  and many other  factors  could  result  in

material  losses  as  well as in material  changes  to  the  risk

exposures  and the risk management strategies of the Partnership.

Investors  must be prepared to lose all or substantially  all  of

their investment in the Partnership.









<PAGE>

The  following  was  the primary trading  risk  exposure  of  the

Partnership as of June 30, 1999.  It may be anticipated  however,

that market exposure will vary materially over time.

     Currency. The Partnership's currency exposure is to exchange

rate  fluctuations,  primarily  fluctuations  which  disrupt  the

historical pricing relationships between different currencies and

currency  pairs.  Interest rate changes as well as political  and

general  economic  conditions influence these fluctuations.   The

Partnership  trades  in  a large number of currencies,  including

cross-rates - i.e., positions between two currencies  other  than

the   U.S.   dollar.   For  the  second  quarter  of  1999,   the

Partnership's  major exposures were in the euro currency  crosses

and  outright U.S. dollar positions.  (Outright positions consist

of  the U.S. dollar vs. other currencies.  These other currencies

include  the  major  and  minor currencies).   Demeter  does  not

anticipate  that  the risk profile of the Partnership's  currency

sector  will  change significantly in the future.   The  currency

trading VaR figure includes foreign margin amounts converted into

U.S.  dollars  with  an  incremental adjustment  to  reflect  the

exchange  rate  risk inherent to the dollar-based Partnership  in

expressing VaR in a functional currency other than dollars.



Qualitative Disclosures Regarding Non-Trading Risk Exposure

The  following  was  the only non-trading risk  exposure  of  the

Partnership as of June 30, 1999:





<PAGE>

Foreign  Currency  Balances.  The Partnership's  primary  foreign

currency balances are in euros, Swiss francs, Japanese yen, South

African  rands and British pounds.  The Partnership controls  the

non-trading risk of these balances by regularly converting  these

balances  back  into dollars upon liquidation of  the  respective

position.



Qualitative Disclosures Regarding Means of Managing Risk Exposure

The  means  by  which the Partnership and the  Trading  Advisors,

severally,  attempt to manage the risk of the Partnership's  open

positions  are  essentially the same  in  all  market  categories

traded.   Demeter  attempts  to manage the  Partnership's  market

exposure  by  (i)  diversifying the  Partnership's  assets  among

different  Trading  Advisors, each of whose strategies  focus  on

different  market  sectors  and  trading  approaches,  and  (ii),

monitoring  the performance of the Trading Advisors  on  a  daily

basis.   In  addition,  the Trading Advisors  establish  diversi-

fication guidelines, often set in terms of the maximum margin  to

be  committed  to  positions in any one market sector  or  market

sensitive  instrument.  One should be aware that certain  Trading

Advisors  treat  their  risk control policies  as  strict  rules,

whereas others treat such policies as general guidelines.



Demeter monitors and controls the risk of the Partnership's  non-

trading   instrument,  cash,  which  is  the   only   Partnership

investment directed by Demeter, rather than the Trading Advisors.




<PAGE>

                   PART II.  OTHER INFORMATION



Item 1.  LEGAL PROCEEDINGS

The  following supplements Legal Proceedings previously disclosed

in the Partnership's 1998 Form 10-K:



With   respect   to  the  plaintiff's  consolidated   action   in

California, on July 1, 1999, the Superior Court of the  State  of

California, ruling from the bench, denied the plaintiffs'  motion

to have their lawsuit certified as a class action, stating, among

other  things,  that plaintiffs' lawsuit did not  present  common

questions of fact.




Item 6.  Exhibits and Reports on Form 8-K

     (A)  Exhibits - None.

     (B)  Reports on Form 8-K. - None.























<PAGE>





                            SIGNATURE



Pursuant  to the requirements of the Securities Exchange  Act  of
1934, the Registrant has duly caused this report to be signed  on
its behalf by the undersigned, thereunto duly authorized.




                          Dean  Witter World Currency  Fund  L.P.
(Registrant)

                         By: Demeter Management Corporation
                             (General Partner)

August 13, 1999          By:/s/Lewis A. Raibley, III
                               Lewis A. Raibley, III
                               Director and Chief Financial
                                 Officer




The  General  Partner which signed the above is  the  only  party
authorized  to  act  for the Registrant.  The Registrant  has  no
principal   executive  officer,  principal   financial   officer,
controller, or principal accounting officer and has no  Board  of
Directors.