Dollar Finishes the Week Higher
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LONDON — The dollar fell today om foreign exchange markets in response to cuts in American interest rates, dealers said. Gold prices were mixed.
The dollar finished the week higher against all major currencies except the British pound, Japanese yen and Canadian dollar compared with last Friday’s late rates.
Currently dealers said the dollar came under pressure after the U.S. Federal Reserve Board cut its discount rate--the interest rate charged on loans to commercial banks and savings institutions--to 7% from 7%, where it had been since last May.
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