N.Z. dollar easier

Press, 4 December 1985, Page 41

N.Z. dollar easier

PA Wellington The New Zealand dollar closed weaker on the foreign exchange market yesterday at $U50.5630/50 after tumbling in the early afternoon. The Kiwi opened here at 0.5670/85 compared with Monday’s local close of 0.5710/25, but firmed back to around US57c in the morning when dealers said the currency looked reason- . ably well bid. But they said a large importer order this afternoon saw the Kiwi sold down to a US55.Bc low in thin trading before rebounding on short covering and exporter buying. The Kiwi had strengthened in European trading overnight as the US dollar crashed through 2.50 marks for the first time in 2%

years. The Kiwi peaked at U557.4c in London overnight. But when the US dollar recovered on what New York dealers said was a technical correction from its lows, the Kiwi fell back below 57c. The Reserve Bank’s trade-weighted exchange rate index fell to 70.9 at 3pm, from 71.3 on Monday and 71.7 at noon. The US dollar finished here stronger at 2.5200/10 marks and 204.05/15 yen, compared with its opening levels of 2.5185/00 marks and 203.52/62 yen. Sterling eased to ?U51.4850/60 at close from its 1.4885/95 opening, and the Australian dollar closed stronger at $U50.6780/90 compared with its opening Of 0.6752/62.