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Dollar Advances Overseas

May 02, 1986|Associated Press

LONDON — The dollar rose Friday against all key European currencies before the three-day Tokyo economic summit of the seven major Western industrialized nations. Gold prices fell.

The dollar ended the week higher against all key currencies except the Canadian dollar, compared to last Friday's late rates.

Currency dealers said the dollar gained in nervous trading amid speculation that the leaders at the summit, which opens Sunday, might agree to joint measures to stabilize the dollar if it continues to decline.

The dollar opened strongly after making sharp gains Thursday, when most financial markets in Europe were closed for the May Day holiday. But heavy selling of dollars in the Middle East on Friday kept its gains in check.

In London, the British pound fell for the fourth day to $1.5257, down from $1.5275 late Thursday and $1.5260 late last Friday.

In Tokyo, the dollar rose from postwar lows for the third straight day, finishing at 170.70 Japanese yen, up from 169.40 yen at Thursday's close and 170.25 yen last Friday.

Other late dollar rates compared with late rates Thursday, and last Friday's late rates in parentheses, were: 2.2035 West German marks, up from 2.2022 (2.2015); 1.8535 Swiss francs, up from 1.8437 (1.8380); 7.0250 French francs, up from 7.0050 (7.0150); 2.4870 Dutch guilders, up from 2.4805 (2.4840); 1,515.00 Italian lire, up from 1,509.50 (1,508.50), and 1.3777 Canadian dollars, up from 1.37675 (1.3875).

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