Foreign Exchange for Thursday, Nov. 14, 1985 : Dollar Falls Against Major Currencies

The dollar declined against most major foreign currencies in U.S. trading Thursday after a mixed showing overseas.

Currency dealers in New York said the dollar traded within a narrow range, reflecting uncertainty over the strength of the American economy and the direction U.S. interest rates will be taking.

Larry Kreicher, a vice president at Irving Trust Co. in New York, said there wasn’t much movement in the market Thursday. A Commerce Department report that retail sales took a record dive of 3.3% in October differed only slightly from market expectations and had little impact on dollar trading, Kreicher said.

Meanwhile, currency dealers detected little dollar reaction to the Federal Reserve Board report which showed the nation’s basic money supply increased $200 million in early November. The increase did not really alter the recent growth rate of M1, which includes cash in circulation, checking account deposits and non-bank travelers checks.