Foreign Exchange : Dollar Off Against Major Currencies
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NEW YORK — The dollar fell Wednesday to another post-World War II low against the Japanese yen in New York and declined against other major foreign currencies.
There was no single, clear-cut reason for the decline, traders said.
Gold prices rose. Bullion was quoted at $344.25 an ounce at 4 p.m. EDT at Republic National Bank, up $1.85 from Tuesday’s bid. The dollar declined after a report that a U.S. official said West Germany and Japan hadn’t pressured the United States at the Tokyo summit to intervene and support the dollar, said Daniel Holland, assistant vice president of Discount Corp. in New York.
In recent weeks, the currency markets have been reacting in all directions and more strongly than usual to statements from officials of the United States and other countries.
Dealers remained divided about the outcome of the three-day summit of seven industrialized nations, which ended Tuesday.
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