Foreign Exchange for Tuesday, Sept. 16, 1986 : Dollar Up Against Most Currencies
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NEW YORK — The dollar rose against most major currencies Tuesday after giving a mixed performance on European exchange markets.
Gold prices were lower. Bullion was quoted at $416 an ounce at Republic National Bank in New York, down $1.50 from Monday’s bid.
Dealers said the dollar had been depressed by rumors that Bank of America was in serious financial straits, but the currency recovered after the bank denied those reports.
“These concerns about U.S. banks provoked some dollar selling,” said Lawrence Kreicher, a vice president of Irving Trust Securities Inc.
“After those rumors were denied, the dollar benefited by the industrial production numbers and the revision in the July numbers.”
The Federal Reserve Board reported Tuesday that U.S. industrial production edged up 0.1% in August as strength in defense and aerospace industries offset widespread weakness elsewhere.
