Dollar Higher but Below Day’s Best
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NEW YORK — The dollar turned broadly higher Tuesday but finished below its highs of the day after some interest rates fell in the United States.
Currency dealers said traders focused most of their attention on the South African rand, which fell to a new low against the dollar because of concern over possible economic sanctions in protest of the government’s apartheid policy.
The price of gold was mostly higher. Republic National Bank of New York said gold bullion was bid at $336.75 an ounce as of 4 p.m. EDT, up $1.10 from the late bid Monday.
Trading resumed in Britain, Singapore and Hong Kong, where financial markets had been closed for a three-day holiday weekend.
European currency dealers said some traders bought dollars to cover previous short positions, or earlier sales of borrowed dollars that were motivated by hopes of a decline in the currency.
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