U.S. dollar still stronger

Press, 23 August 1984, Page 24

U.S. dollar still stronger

PA Wellington The major currencies remained stable in foreign exchange trading in Wellington yesterday. The United States dollar opened higher after strengthening overnight, and maintained its level through the day. The dollar closed at 2.8940/ M marks, having reached a high of 2.8960 and a low of 2.8910. Against yen the dollar traded in a 35-point range and finished in the mid-point at 242.20/30. Sterling was particularly stable, not trading more than points either side of its 13090/

00 United States dollars closing level Dealers said there were no big reasons to sell or buy the dollar and it lacked the impetus to break through 2.90 marks. They said that until a big event occurred, the dollar was likely to remain at around these levels. Trade was quiet in the local dollar which finished at 0.4992/ 95 United States dollars, just above its 0.4988/91 opening. The Reserve Bank mid-rate closed at 0.4995 United States dollars, having opened at 0.4991. The Australian dollar finished at the day’s high of

0.8516/21 U.S. dollars. It opened at 0.8505/10 and had sunk as low as 0.8465 before climbing back. The Australian dollar opened quietly lower at 85.00 United States cents in Sydney yesterday, compared with 85.27/34 United States cents close after the United States dollar moved higher in New York and London. The Australian dollar came under selling pressure in New York overnight to close at 85.00/05 United States cents, but dealers said the currency was meeting resistance at this level locally and was unlikely to move lower yesterday.