Pressure on Aust. dollar
PA Wellington The Australian dollar came under intense selling pressure on the foreign exchange market yesterday, falling by more than 2c to $U50.6550/60 in late afternoon trading. Dealers said speculative buying and corporate orders helped take the Australian unit down, repeating the volatility evident in the unit early this month. The Australian dollar was at SUSO.6BM/10 in late afternoon trading on Monday and opened vesterday at $U50.6630/40. The New Zealand dollar traded thinly, slowly drifting down during the day from its $U50.4505/12 to ?U50.4485/92. The Reserve Bank indicative exchange rate index was unchanged from Monday’s closing level of 61.5 compared with 60.8 one week ago and 62.7 before the float. Yesterday the New Zealand dollar was worth 44.8 c U.S., 68.3 c Aust., 35.8 p, 112.87 yen and 1.3961 marks. The United States dollar strengthened to 3.1115/30 marks, compared with its 3.0955/95 opening and 3.1045/60 close in Hong Kong. Dealers said people began to see the United States dollar gaining strength and were prepared to take it at 3.10 marks.
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Press, 29 May 1985, Page 36
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174Pressure on Aust. dollar Press, 29 May 1985, Page 36
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