Dollar Edges Up in Quiet U.S. Trading
The dollar reversed course and rose a bit in quiet U.S. trading Wednesday.
However, earlier it had fallen sharply in hectic dealings in Europe.
Gold edged down. Bullion was quoted at $339.75 an ounce at Republic National Bank at 4 p.m. EST, down 25 cents from Tuesday’s bid.
Currency dealers said the dollar rallied after West German officials who attended Tuesday’s Group of Five meeting in Washington indicated that the finance ministers and central bank officials had agreed there was no need to drive down further the value of the dollar.
Earlier, the dollar had been undercut by speculation that the big five Western industrialized nations are planning additional cuts in interest rates.
In addition, the dollar was supported by rising oil prices and rumors that the United States was taking a more aggressive stance against Libya, said Daniel Holland, assistant vice president at Discount Corp. here.
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