Dollar gains on sterling
(N.Z. Press Association) WELLINGTON, June 16. The American dollar, and with it the New Zealand currency, strengthened overnight against sterling by a greater amount than in any day for four months. However, Wellington banking circles do not know the cause. Telegraphic transfer buying rates for sterling quoted by New Zealand trading banks dropped from $2.1817 to £l.OO yesterday to $2.1750 today, showing that sterling had weakened against the New Zealand dollar by 67 points. The banks’ selling rate today—which importers have to pay for sterling—was $2.1875, compared with $2.1942 yesterday. Importers gain from this, because they pay less for sterling to purchase goods abroad, but the costs of exports rise in terms of sterling.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19720617.2.159
Bibliographic details
Press, Volume CXII, Issue 32945, 17 June 1972, Page 16
Word Count
118Dollar gains on sterling Press, Volume CXII, Issue 32945, 17 June 1972, Page 16
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.
Log in