Australian dollar bounces back
PA Wellington The Australian dollar broke through the SUSO.7O barrier to top $U50.7070, before levelling off at 0.7030/40 in late afternoon trading on the Wellington foreign exchange market yesterday. The Australian dollar opened at 5U50.6980/90 and was well-bid throughout the day, dealers said. The New Zealand dollar was at $U50.4533/40 in late afternoon trading compared with its 0.4540/50 opening. The Reserve Bank indicative exchange rate index fell to 60.8 from 61.0. The index was at 62.8 one week ago, 61.9 four weeks ago and was at 62.7 just before the float. Dealers said that the falloff in the index was more a reflection of the declining United States dollar in recent weeks while the New Zealand dollar had remained relatively static. This afternoon the New’ Zealand was worth U545.4c, Aust64.sc, 36.0 p, 113.6 yen, and 1.38 marks.
The United States dollar was firmer in late afternoon trading at 3.0605/25 marks compared with its 3.0550/70 opening and 3.0540/60 close
in New York. Dealers said trading in the United States unit was quiet, with no clear trends emerging. Sterling closed at $U51.2575/85 compared with its 1.2605/20 local opening and 1.2615/30 close in New York, while the yen closed at 250.34/45 compared with its 250.50/60 opening.
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Press, 15 May 1985, Page 37
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207Australian dollar bounces back Press, 15 May 1985, Page 37
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