Kiwi at US52c
PA Wellington The New Zealand dollar firmed to U50.5208/15 near the close of trade compared with its U50.5195/05 start and was traded above US52c for most of the day. The unit had been bought up shortly after opening to a quoted high of U 50.5220 where selling pressure pushed it back, dealers said. Some dealers said they had noted buying support from the United States and Australia, but others said they had seen mostly local interest.
Higher interest rates and a lower United States dollar had helped the unit to rise, they said. Apart from an initial burst of activity most of the day was taken up with steady twoway business, dealers said.
The Reserve Bank trade weighted index, which measures the New Zealand dollar against a basket of currencies, fell to 64.0 at 3 p.m. from 64.2 at 9 a.m. Wholesale cross rates for SNZI late yesterday were AustBoc, 1.03 marks, 36.5 p and 84.5 ven.
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Press, 27 November 1986, Page 25
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160Kiwi at US52c Press, 27 November 1986, Page 25
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