Interest props dollar
PA Wellington Rising interest rates kept the New Zealand dollar firmly underpinned on the foreign exchange market yesterday. The currency closed stronger at $U50.5145/60, compared with its $U50.5115/30
opening. Dealers said the kiwi opened firmer than Wednesday’s close after gaining overnight on the back of the weaker U.S. dollar.
It was sold down to 5U50.5070/85 yesterday morning, but the firming interest rates halted the slide.
The Reserve Bank’s tradeweighted exchange rate index rose to 64.1 at 3 p.m. from 63.9 at 9 a.m. and 63.7 on Wednesday. On the cross rates the kiwi was worth Aust74.lc, 1.27 marks, 35.7 p and 104.2 yen in late trading. The U.S. dollar closed at 2.4565/75 marks and 202.30/40 yen, compared with its local opening of 2.4590/05 marks and 202.40/50 yen. Sterling closed steady at $U51.4415/25 from $U51.4405/ 20 and the Australian dollar finished at $U50.6942/49 from JU50.6932/39.
Sterling rose to $U51.4430/40 from $U51.4360/70. Widespread expectations that oil prices would continue to decline, despite seasonal trends, clearly limited the pound’s gains, dealers said.
In New York, the American dollar closed lower in nervous trading ahead of this weekend’s Group of Five meeting in London.
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Press, 17 January 1986, Page 8
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193Interest props dollar Press, 17 January 1986, Page 8
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