Kiwi record
PA Wellington The New Zealand dollar closed well-bid after reaching a record high in quiet trading yesterday. The kiwi dollar closed at $U50.6035/42 after trading at $U50.6041, topping its previous post-float high of $U50.6035, set last Friday. Dealers said most trading was in a $U50.6025/35 range, after opening at 5U50.6015/ 22, and the higher close was on short covering at the end of the day. The Reserve Bank’s trade weighted index closed at 69.5 against Friday’s close at 69.0. Dealers said overseas interest could see the kiwi edge higher in the short term, with the release today of the June quarter consumer price index unlikely to have much impact. The Australian closed at $U50.7129/34 against 5U50.7145/65 at the open and $U50.7065/70 at Friday’s close.
Other cross-rates for the kiwi were 1.1174 marks, 37.34 pence and 91.426 yen. The Australian dollar closed higher in Sydney yesterday, but off the day’s peak as rumours of Reserve Bank sales triggered corporate and offshore selling, dealers said. The Australian dollar finished at $U50.7122/27, up from Friday’s 5U50.7072/77 close, reflecting an over-all return of buying interest after the General Election on Saturday. The Australian dollar was higher on other currencies, up to 56.5 on the Reserve Bank’s trade weighted index from 56.1 on Friday. It rose to 1.3169 Deutsche marks from 1.3057 on Friday, to 107.73 yen from 107.07, to 1.0997 Swiss francs from 1.0908, to £0.4422 from £0.4385, easing to $NZ1.1796 from SNZI.IBOO. The U.S. dollar finished off the day’s highs at 1.8485/95 marks and 151.26/33 ven
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Press, 14 July 1987, Page 24
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255Kiwi record Press, 14 July 1987, Page 24
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