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Foreign Exchange

Dollar Retreats in Volatile Trading

March 09, 1985|Associated Press

NEW YORK — The dollar staged a broad decline in volatile trading Friday as interest rates fell in the United States and worries continued about future assaults on the currency by central banks.

In addition, dealers said traders no longer seemed certain that the dollar was on a one-way course higher.

"We may be seeing an ever-so-slow change of sentiment" against the dollar, said James McGroarty, a vice president of Discount Corp. of New York.

"Market operators are a little bit leery about whether or not the dollar will continue on its upward trend," said Albert Soria, a vice president at the New York branch of Swiss Bank Corp.

Gold gained ground in Hong Kong and Europe but fell later in the United States. Republic National Bank in New York said gold bullion was bid at $287.75 an ounce as of 4 p.m. EST, against $289 late Thursday and $290 at the end of the previous week.

Despite its decline Friday, the dollar ended the week higher than last Friday against all major currencies.

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