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Dollar Hits 4-Year Low; Gold Mixed

May 13, 1986|Associated Press

New York — The dollar fell to a four-year low against other major currencies Monday after plunging in Tokyo to a new record post-World War II low against the Japanese yen. Trading was active in the morning but then quieted down.

Gold prices were mixed. Bullion was quoted at $344 an ounce at 4 p.m. EDT at Republic National Bank, down 50 cents from Friday's bid.

The Federal Reserve Board said its measure of the dollar fell to 110.53 its lowest level since it closed at 110.37 on May 13, 1982. The index, which is weighted on the basis of trade with 10 countries, peaked at 164.72 on Feb. 25, 1985.

Currency dealers said exchange markets were bearish on the dollar but that fear of intervention by central banks in support of the dollar kept the currency from falling more sharply.

In Tokyo, the dollar slumped to 160.20 yen, its eighth record low in three weeks and down from Friday's previous lowest of 162.85 yen. In London, it recovered to 160.90 yen.

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