Dollar Hits Lowest Level in 20 Months
NEW YORK — The dollar weakened against most major currencies Friday, dropping to its lowest level in more than 20 months, on expectations of lower interest rates in the United States.
The price of gold rose slightly. Republic National Bank of New York said gold bullion was bid at $327 an ounce, up 20 cents from the late bid Thursday.
The dollar fell in Japan and slipped across the board in Europe. Later, in New York, it dipped against all major currencies except the Canadian dollar.
The Federal Reserve Board’s index measuring the value of the dollar against 10 other currencies weighted on the basis of trade was 126.48, the lowest since March 7, 1984, when it stood at 126.29. The index stood at 100 in the base month of March, 1973 and peaked at 164.72 last Feb. 25.
Earlier, in London, dealers said there was a round of late selling following a forecast by Henry Kaufman, chief economist at Salomon Bros., of a January cut in the U.S. discount rate, the interest on loans by the Fed to financial institutions.
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