Record low for sterling
NZPA-Reuter New York The British pound fell to a record low on the New York foreign exchange market on Tuesday. The currency was trading at $U51.4950/65 at mid-ses-sion after opening at $U51.5050/60 and closing at $1.5120/35, dealers said.
The fall took place against a generally strengthening United States dollar and un-
certainty about the outcome of talks in London of the Organisation of Petroleum Exporting Countries aimed at establishing a new benchmark price that would avert an oil price-cutting war. The previous record low was $U51.4970/80 last week.
Pressure is mounting on sterling as time passes without an agreement by OPEC, the dealers said.
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Press, 10 March 1983, Page 20
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108Record low for sterling Press, 10 March 1983, Page 20
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