Dollar Falls Sharply on Profit-Taking
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NEW YORK — The dollar, hurt by profit-taking and undermined by lower U.S. interest rates, fell sharply against most foreign currencies on Tuesday.
The downturn ended a four-day rally by the U.S. currency.
Gold prices rose. Republic National Bank in New York said gold was quoted at $314.50 an ounce at 4 p.m. EDT, up $5.50 from the late bid Monday.
“The dollar posted sharp declines against all major foreign currencies apparently because of profit-taking from its recent runup,” said Gary Dorsch, a currency analyst with Oppenheimer Rouse Futures in Chicago.
The dollar had risen against most currencies since last Wednesday.
Dorsch added: “I think a reason for the decline was expectations for lower interest rates in the United States. And the federal funds rate today was probably the focus of most of the attention.”
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