Dollar Mostly Lower in Quiet Trading
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NEW YORK — The dollar finished mostly lower in fairly quiet trading Thursday although it was lifted a bit by fears that central banks would intervene further to support the currency.
Gold prices were mostly higher. Bullion was quoted at $362.25 an ounce at 4 p.m. EDT at Republic National Bank in New York, up $1.75 from Wednesday’s late bid.
Dealers said the Bank of Japan apparently intervened to prop up the U.S. currency by buying dollars on the open market. The central bank’s policy is not to comment on its market dealings.
A Wednesday report by the U.S. Administration predicting that the national economy would grow by only 3.2% in 1986 instead of 4% as officially forecast earlier this year contributed to a bearish sentiment toward the dollar, dealers said.
Dealers also linked the dollar’s decline overseas to speculation that the Organization of Petroleum Exporting Countries would be unable to carry out its plan to temporary cut oil production in a bid to drive up oil prices.
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