N.Z. dollar quietly firmer

Press, 6 December 1985, Page 20

N.Z. dollar quietly firmer

PA Wellington The New Zealand dollar drifted firmer in quiet trad- 1 ing on the foreign exchange market yesterday, dealers said. J The currency closed at , $U50.5665/80 after opening at 0.5635%0. Dealers said there was < short covering in the Kiwi ’ after many players took short positions overnight, but took cover when the currency failed to move any lower at the local opening. The Kiwi reached a days high of 0.5685/00 before importer selling brought it down 20 points to a level where it stabilised late ' afternoon. The local unit was also supported by . a slightly softer US dollar. The Reserve Bank trade- ‘ weighted exchange rate index was at 71.0 at 3 p.m., up from 70.8 at 9 a.m. and 70.7 , at 3 p.m. on Wednesday. On the cross rates, the Kiwi was worth AB3c, 1.43 ' . marks, 38.2 p, and 115.1 yen in late trading. ' Dealers said trading in all currencies was within nar- , row ranges as new directi- , ions were awaited after the US dollar’s slump on Mon- i day. The US dollar closed here slightly easier at 2.5165%5 marks compared with its local opening of 2.5195%0, , but slightly firmer against the yen at 202.90/00 yen from its 202.55%5 opening. The Australian dollar closed a touch firmer at 61 $U50.6836%3 compared with its 0.6717%4 opening and ; sterling moved similarly to close at 1.4860%0 US dollars from 1.4840%0.