Dollar steady

Press, 15 May 1987, Page 11

Dollar steady

PA Wellington The New Zealand dollar remained unchanged from Wednesday during quiet trading on the foreign exchange market yesterday. It opened at $U50.5765/ 72 and moved up to 0.5772/79 by mid-morning and eased to 0.5763/70 at the close of trading. Dealers said the coup in Fiji had little effect on trade, though most did not trade in Fiji dollars,“simply as a precaution to avoid complications later.” The announcement of the U.S. trade deficit figure early today, N.Z. time, could have an impact on a number of currencies, including the kiwi, dealers said. If the deficit is more than $l5 billion it would probably weaken the U.S. dollar which could cause the kiwi to ease, they said. Meanwhile the kiwi did not react to the easing of call rates to 21 per cent from 24 per cent The Reserve Bank’s trade weighted index stayed at 65.4, marginally down on its 65.7 close on Wednesday. In Sydney, the Australian dollar closed slightly easier at SUSO.7IIB/23 from Wednesday’s close of 0.7135/40, drift- i ing down slightly as traders j covered long positions, ’> I dealers said. |