Broad advance by U.S. dollar
PA New York The U.S. dollar staged a broad advance against leading world currencies yesterday, reversing early losses as a fresh bout of interest rate jitters swept foreign exchange markets. Gold lost ground to the rising dollar, falling $U57.25 to a late bid of $415.25 a troy ounce. Currency dealers said that traders remained uncertain about Federal Reserve Board policy in the United States, continuing to look for signs that the central bank had moved to make credit scarcer. The dollar’s sharp rebound reflected a change in percep-
tions on the prospects for this action. In New York, the British pound sterling fell to $U51.5304 from 1.5498 late on Friday. Other dollar rates in New York at 4 p.m., compared with late rates on Friday, included: 2.5406 West German marks, up from 2.5128; 7.6375 French francs, up from 7.5618; 2.1042 Swiss francs, up from 2.0755; and 1.2303 Canadian dollars, up from 1.2293. The dollar jumped to 239.88 Japanese yen from a late rate on Friday of 237.15 yen. On the New York commodity exchange, gold for current delivery fell SUS7.SO to close at $415.50 a troy ounce.
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Press, 29 June 1983, Page 21
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192Broad advance by U.S. dollar Press, 29 June 1983, Page 21
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