Dollar Rises Against Most Currencies
The dollar rose against almost all major foreign currencies Tuesday as the British pound continued its steep decline on fears of oil-price competition with the Organization of Petroleum Exporting Countries.
Gold prices recovered a bit. Bullion was quoted at $318 at Republic National Bank at 4 p.m. EST, up $1.50 from Monday’s late bid.
“The bulk of the activity of the day was again surrounding the whole oil scenario,” said James T. McGroarty, vice president at Discount Corp. “The center of attention focused on sterling, with oil prices coming under pretty severe pressure.”
Currency dealers said substantial amounts of money flowed out of the pound and into the dollar and, to a lesser extent, into the West German mark, Swiss franc and Japanese yen.
The pound fell to $1.4355, down from $1.4620 late Monday and $1.4780 on Friday.
The pound declined against all other major currencies.
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