$NZ firm
PA Wellington The New Zealand dollar ’ held reasonably firm on the Wellington foreign-ex-
qhange market yesterday in the face of a sharply stronger U.S. dollar in quiet trading. The kiwi dollar was a touch weaker near the close of business, trading at $U50.5045/55 against its opening of $U50.5055/ 65. Dealers said the domestic unit was generally stronger against most other currencies, which prompted exporter covering. The trade-weighted Reserve Bank exchange rate index closed at 62.7, level with its pre-float fix. Wholesale rates for the New Zealand dollar were 79 Australian cents, 1.04 Deutsche ’ marks, 35.8 p, 82.8 yen, 0.86 Swiss francs, and $HK3.94. The stronger U.S. dollar forced the Australian dollar a touch lower, trading at $U50.6388/95 from 5U50.6402/09 in the morning. Asian markets picked up where New York left off to bid the U.S. dollar up by nearly 2 pfennigs to 2.0640/50 DM against 2.0490/00. In yen the greenback was a touch firmer at 163.68/78 from 163.10/40 in the morning. Sterling also held up well against the U.S. unit, and actually firmed to $U51.4102/12 from $U51.4060/70 in the morning.
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Press, 4 November 1986, Page 23
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182$NZ firm Press, 4 November 1986, Page 23
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