Foreign Exchange for Monday, March 9, 1987 : Dollar Rises Against Most Currency
The dollar turned higher Monday against all major currencies except the British pound in a narrow range of trading.
Gold prices were lower. The Republic National Bank in New York quoted bullion at $404.50 an ounce, down from $405.75 late Friday.
Robert Ryan, foreign exchange manager and senior trader for Irving Trust Co., said the dollar was indirectly aided by the strength of the British pound against other currencies.
“When you sell one currency, like the (West German) Deutschemark, to buy the pound, it makes the dollar look better,” Ryan explained.
Sterling benefited from news that Iran’s oil minister had ruled out any oil price cut by the Organization of Petroleum Exporting Countries. Britain is the world’s fifth- largest oil producer. Dealers in London said interest rate cuts by the Bank of England and major British banks had little effect. The cuts already had been discounted by the market.
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