US dollar gains
PA New’ York The U.S. dollar rose against most major currencies yesterday as some shortterm interest rates turned higher. Gold’s price fell after posting a modest gain in Europe.
The dollar rose in late New York trading when rates climbed on short-term Treasury securities and federal funds, with three-month Treasury Bills moving to 12.56 per cent from 12.37 per cent earlier. Federal funds (Excess reserves which banks lend each other) rose from 13.25 to 13.625 per cent.
The dollar had fallen in Europe because of stable interest rates and reports of more intervention in foreign exchange markets by European central banks.
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Press, 21 January 1982, Page 16
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104US dollar gains Press, 21 January 1982, Page 16
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