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 period ended March 31, 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

                         March 31, 1999


<CAPTION>

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

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

     Statements of Operations for the Quarters Ended
     March 31, 1999 and 1998(Unaudited)....................... 3

     Statements of Changes in Partners' Capital for the
        Quarters Ended March 31, 1999 and 1998
     (Unaudited)...............................................4

     Statements of Cash Flows for the Quarters Ended
     March 31, 1999 and 1998(Unaudited)....................... 5

        Notes to Financial Statements (Unaudited).............. 6-
     9


Item 2. Management's Discussion and Analysis of

Financial Condition and Results of Operations......10-15

Item 3. Quantitative and Qualitative Disclosures about
        Market Risk . . . . . . . . . . . . . . . . . . .  16-24

Part II. OTHER INFORMATION


Item 1. Legal Proceedings..................................   25

Item 6. Exhibits and Reports on Form 8-K..................... 25










</TABLE>


<PAGE>
<TABLE>
                 PART I.  FINANCIAL INFORMATION
                                
Item 1.  Financial Statements
                                
              DEAN WITTER WORLD CURRENCY FUND L.P.
               STATEMENTS OF FINANCIAL CONDITION

<CAPTION>

                                     March 31,     December 31,
                                        1999           1998
                                         $              $
                                    (Unaudited)
ASSETS
<S>                                     <C>            <C>
Equity in futures interests trading accounts:
 Cash                            25,188,514      26,130,701
  Net  unrealized  loss on open contracts    (134,152)     (1,101
,440)

 Total Trading Equity            25,054,362      25,029,261

 Interest receivable (DWR)           77,309          76,126

 Total Assets                     25,131,671    25,105,387

LIABILITIES AND PARTNERS' CAPITAL

Liabilities

 Redemptions payable                  601,240      248,498
 Accrued management fees                62,795      62,749
 Accrued administrative expenses         13,752           5,977

 Total Liabilities                     677,787        317,224

Partners' Capital

 Limited Partners (23,680.255 and
   25,297.735 Units, respectively)  24,135,372  24,485,689
 General Partner (312.506 Units)       318,512      302,474

 Total Partners' Capital            24,453,884   24,788,163

  Total  Liabilities and Partners' Capital    25,131,671    25,10

5,387



NET ASSET VALUE PER UNIT             1,019.22            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 March 31,

                                     1999             1998
                                        $            $
REVENUES
<S>                              <C>         <C>
 Trading profit (loss):
    Realized                         501,542       (908,319)
    Net change in unrealized         967,288    478,927

      Total Trading Results       1,468,830   (429,392)

    Interest Income (DWR)            220,750          306,582

      Total Revenues               1,689,580       (122,810)

EXPENSES

    Brokerage commissions (DWR)      205,406  218,758
       Management    fees                     186,718     228,049
 Administrative expenses             15,415   18,861
    Transaction fees and costs         9,712         11,716

      Total Expenses                 417,251       477,384

NET INCOME (LOSS)                  1,272,329     (600,194)


NET INCOME (LOSS) ALLOCATION

                           Limited                       Partners
1,256,291                  (578,449)
                           General                        Partner
16,038                              (21,745)

NET INCOME (LOSS) PER UNIT

                           Limited                       Partners
51.32                       (18.01)
                           General                        Partner
51.32                                    (18.01)


<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 Quarters Ended March 31, 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 Loss                -                  (578,449)    (21,745)      (600,194)

Redemptions           (1,275.793)             (1,222,292)                  -
(1,222,292)

Partners' Capital,
 March 31, 1998      30,797.546              $28,873,288           $1,178,257
$30,051,545




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

Net Income                -                1,256,291             16,038
1,272,329

Redemptions           (1,617.480)            (1,606,608)                    -
(1,606,608)

Partners' Capital,
 March 31, 1999      23,992.761              $24,135,372           $318,512
$24,453,884





<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 Quarters Ended March 31,

                                       1999           1998
                                        $            $
CASH FLOWS FROM OPERATING ACTIVITIES
<S>                         <C>                          <C>
   Net  income  (loss)                 1,272,329                (
600,194)
 Noncash item included in net income (loss):
      Net  change  in  unrealized         (967,288)             (
478,927)

 (Increase) decrease in operating assets:
    Interest receivable (DWR)         (1,183)            5,146
      Net  option  premiums                -                    (
236,863)

 Increase (decrease) in operating liabilities:
    Accrued management fees              46              (4,014)
         Accrued     administrative     expenses            7,775
18,856

  Net cash provided by (used for) operating activities    311,679
(1,295,996)


CASH FLOWS FROM FINANCING ACTIVITIES

 Increase in redemptions payable    352,742              221,008
      Redemptions      of      units                  (1,606,608)
(1,222,292)

   Net   cash   used   for   financing  activities    (1,253,866)
(1,001,284)


   Net  decrease  in  cash                (942,187)             (
2,297,280)

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

     Balance     at     end    of    period            25,188,514
29,030,547


<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 10K.



2.  Organization

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

organized  to  engage  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 has elected to adopt the provisions of SFAS  No.  133

beginning with the fiscal year 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 $(134,152) and

$(1,101,440)   at   March  31,  1999  and  December   31,   1998,

respectively.



The  net  unrealized losses on open contracts  of  $(134,152)  at

March  31,  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  March  31,  1999 and December  31,  1998  mature

through June 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

<PAGE>

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


assets.   Exchange-traded  futures  and  futures-styled   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 Partnership'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 $25,188,514 and

$26,130,701   at   March  31,  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 Ended March 31, 1999

For  the  quarter ended March 31, 1999, the Partnership  recorded

total  trading  revenues including interest income of  $1,689,580

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

significant  gains  were recorded throughout a  majority  of  the

quarter  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

<PAGE>

increased versus the franc during March to its highest  level  in

more than six months as investors reasoned that the United States

is  the safest place to invest during the crisis in Kosovo due to

the fact that it is far from the actual conflict and possesses  a

powerful  military force.  These gains were partially  offset  by

losses  recorded 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.  Losses were also  experienced

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, smaller 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 three months  ended

March  31,  1999  were  $417,251,  resulting  in  net  income  of

$1,272,329.   The  value  of  a Unit increased  from  $967.90  at

December 31, 1998 to $1,019.22 at March 31, 1999.



For the Quarter Ended March 31, 1998

For the quarter ended March 31, 1998, the Partnership recorded

                                

<PAGE>

total  trading  losses  net of interest income  of  $122,810  and

posted  a  decrease  in  Net  Asset Value  per  Unit.   The  most

significant  losses were recorded during January and February  as

the stability of the Japanese economy remained questionable.   As

a  result of this instability, losses were recorded as the  value

of  the  Japanese yen moved in a short-term volatile pattern.   A

portion  of  those losses was offset by gains recorded  in  March

from short Japanese yen positions as the value of the U.S. dollar

strengthened relative to the yen. Additional losses were recorded

from short South African rand positions as its value moved higher

relative to the U.S. dollar during February and the beginning  of

March  after  showing signs of moving lower in January.   Smaller

losses  were recorded from transactions involving the  Australian

dollar  and British pound relative to the U.S. dollar  and  other

world  currencies.  A portion of the Partnership's overall losses

was offset by gains recorded during March from short positions in

most  European  currencies  as  the  value  of  the  U.S.  dollar

increased  relative to the Swiss franc, German  mark,  and  to  a

lesser  extent,  the  French  franc and  Spanish  peseta.   Total

expenses for the three months ended March 31, 1998 were $477,384,

resulting  in  a  net  loss of $600,194.  The  value  of  a  Unit

decreased from $993.79 at December 31, 1997 to $975.78  at  March

31, 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,

                                

<PAGE>

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

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

     <PAGE>

Advisors throughout 1999 in their Year 2000 compliance and, where

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 March 31, 1999.  As of March 31,  1999,

the  Partnership's  total capitalization  was  approximately  $24

million.

     Primary Market             March 31, 1999
     Risk Category              Value at Risk

     Currency                      (3.37)%

     Aggregate Value at Risk            (3.37)%



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

positions   at  March  31,  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

                                

<PAGE>

net assets for the four quarterly reporting periods from April 1,

1998 through March 31, 1999.



Primary Market Risk Category        High       Low     Average

Currency                           (3.37)%   (1.41)%   (2.63)%

Aggregate Value at Risk            (3.37)%   (1.41)%   (2.63)%

                                
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

                                

<PAGE>

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 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  and  on  an

aggregate  basis at March 31, 1999 and for the  end of  the  four

quarterly reporting periods from April 1, 1998 through March  31,

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

93%) 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.

<PAGE>

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   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 March 31, 1999.  It may be anticipated however,

that market exposures will vary materially over time.

  Currency.  The Partnership's only exposure is currency exposure

which  is  to  exchange rate fluctuations, primarily fluctuations

which   disrupt  the  historical  pricing  relationships  between

different currencies and currency pairs.  These fluctuations  are

influenced  by  interest rate changes as well  as  political  and

general  economic conditions.  The Partnership trades in a  large

number  of  currencies, including cross-rates -  i.e.,  positions

between two currencies other than the U.S. dollar.  However,  the

Partnership's  major  exposures  have  typically  been   in   the

dollar/euro,  dollar/pound,  dollar/Swiss  franc  and  dollar/yen

positions.  Demeter does not anticipate that the risk profile  of

the  Partnership's currency sector will change  significantly  in

the future, although it is difficult at this point to predict the

effect  of  the introduction of the euro on the Trading Advisors'

currency trading strategies.

                                

Qualitative Disclosures Regarding Non-Trading Risk Exposure

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

Partnership as of March 31, 1999:



Foreign  Currency  Balances.  The Partnership's  primary  foreign

currency  balances  are in euros, British pounds,  Swiss  francs,

Singapore dollars and Japanese yen.  The Partnership controls the

                                

<PAGE>

non-trading risk of these balances by regularly converting  these

balances  back into U.S. dollars at varying intervals,  depending

upon such factors as size, volatility, etc.



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  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 Item 3. of the Partnership's  1998 Form 10-K:



On  April  12,  1999,  the  defendants  filed  a  motion  in  the

California  action to oppose certification by the  court  of  the

class in the California litigation.



With  respect  to JWH, the New York Supreme Court  complaint  was

dismissed  with prejudice when the plaintiffs failed  to  replead

against  JWH in December, 1998.  Further, JWH has been  dismissed

as  a  defendant  in  the  California actions  without  prejudice

pursuant  to  a  tolling  agreement with plaintiffs  executed  in

January, 1999.




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)

May 14, 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.