$NZ steady

Press, 13 July 1985, Page 22

$NZ steady

PA Wellington The New Zealand dollar closed at ?U50.4827/34 in Wellington yesterday compared with an opening of $U50.4834/ 30 and a close on Thursday of $U50.4803/13. In the afternoon the N.Z. dollar was worth 48.3 U.S. cents 69.1 Australian cents, 35.1 p., 117.3 yen and 1.41 marks. The trade-weighted Reserve Bank indicative dollar exchange rate index was at 63.3 compared with 63.2 and 62.7 before the float. The U.S. dollar closed unchanged from its opening at 2.9220/40 marks but lower against its 2.9240/70 close in New York. The United States dollar turned in a mixed performance in the Northern Hemisphere on Thursday night (early yesterday, N.Z. time). The British pound, which had spurted 10 cents in the past two weeks as a leading oeneficiary of the dollar’s

retreat, fell fractionally as expectations grew that large London banks would reduce lending rates and after Mexico announced it was cutting oil prices. (Britain is a large oil producer). A spurt of dollar selling directed from the U-S. pushed the dollar down in late European business to below 2.92 marks, a decline helped by market thinness. According to the selling rates of the Bank of New Zealand the value of the New Zealand dollar yesterday morning, with its value immediately before it was floated in March in parenthesis, was: U.S. dollar 44c pre-float March 1, (47.7 c yesterday); sterling 41.15 p (34.7 p Canada, 61.2 c (65c); France, 4.49ffr (4.24ffr); Hong Kong, $3.43 ($3.70); Japan, 114 yen (116 yen); Netherlands, 1.66 g (1.57 g Singapore, 99c ($1.05); Switzerland, I.26sfr (I.l6sfr); Germany, 1.47Dm (1.39Dm); Australia, 62.4 c (68.3 c