STERLING WANTED
(N.Z.P.A.-Reuter—Copyright) LONDON, May 12.
Sterling was back in the market as wanted currency today, and within minutes of the London Foreign Exchange market opening, its dollar rate had soared by 47 points to 2.3873. The Bank of England was getting back some of the dollars it had spent during nearly 11 days of pressure against the pound when everybody was wanting to switch into German marks.
The free market gold price in London is expected to fall when the rate is announced later today. The Frankfurt Foreign Exchange market opened with the hectic selling of marks as speculators rushed to retrieve the “hot” money they had pumped into West Germany in the hope of a quick profit on an upward revaluation of the mark.
At the same time, the Central Bank raised its selling price for dollars to the official rate of 4000 marks from 3.9825, and adjusted its buying price to 3.99.
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Bibliographic details
Press, Volume CIX, Issue 31986, 13 May 1969, Page 17
Word Count
155STERLING WANTED Press, Volume CIX, Issue 31986, 13 May 1969, Page 17
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