September 27, 1988

LEAD: The space shuttle Discovery, scheduled to be launched Thursday, will be carrying a giant, enormously complex communications satellite that is virtually identical to one destroyed in the Challenger disaster nearly three years ago.

LEAD: The Federal Reserve and several European central banks quickly stepped into the foreign exchange market yesterday in an effort to cut off a dollar rally and back up a crucial weekend communique reasserting support of stable currencies.

LEAD: New Plea for Ozone Shield The head of the Environmental Protection Agency called for complete elimination of chemicals thought to destroy the ozone layer. Page A20. A Refund From Kodak Kodak gained court approval to disburse nearly $200 million to an estimated 3.4 million people who bought its instant-picture cameras.

LEAD: The Chicago Mercantile Exchange and the Options Clearing Corporation have agreed to lower sharply the amount of money an investor would have to post to cover positions in stock index options and stock index futures.

LEAD: Behind a squeaky door here, in a courtroom that barely seats 20 people, 58 farmers and other large landowners from rural Orange County are taking on the New York Power Authority in an emotionally charged case that could result in a landmark decision for the nation's utilities.