Advertisement
YOU ARE HERE: LAT HomeCollections

Dollar Off Against Foreign Currencies

May 20, 1986|Associated Press

NEW YORK — The dollar fell against most major foreign currencies Monday, in a decline attributed by analysts to profit-taking and higher oil prices.

On the precious-metals markets, silver bullion fell to nearly a four-year low in the United States and the price of gold also declined.

The dollar opened strongly Monday, largely as a result of buying to cover short positions in response to the currency's rise Friday. But the dollar came under selling pressure late in the European day after U.S. markets opened, dealers said.

European dealers said turnover was low because of the closure of most markets on the European continent for a religious holiday, exaggarating the dollar's movements.

Advertisement
Los Angeles Times Articles
|
|
|