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Foreign Exchange : Dollar Mixed After Skidding Abroad

March 25, 1987|Associated Press

NEW YORK — The dollar turned in a mixed performance Tuesday after it skidded lower on foreign exchange markets and then central banks--possibly including the Federal Reserve--intervened to support it. The day saw the dollar reach its lowest level against the Japanese yen in Tokyo since modern exchange rates were set in the late 1940s.

Gold prices were mixed. Republic National Bank in New York quoted a bid of $413.20 for an ounce of gold, up from $410.50 late Monday. Some analysts said the Federal Reserve appeared to have entered the currency market and bought dollars, although it was not clear whether it did so on its own behalf.

The analysts said, however, there were no major events to influence the dollar.

"Up until lately, there's been a lack of selling, but in the last couple of days, selling was more prevalent. Fundamentally, nothing has changed, but they're tired of sitting and are saying 'let's test' " the six-nation agreement to see if there will be intervention, Sapiro said.

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