Kiwi up slightly

Press, 20 November 1987, Page 22

Kiwi up slightly

PA Wellington The New .Zealand dollar finished trading slightly above its opening level yesterday but dealers expected it to drift lower in the near future. The Kiwi closed around $U561.93/03c, against its opening at 61.59/68. Dealers expected resistance now at around US6l.6c to dissolve as New Zealand interest rates continued to decline and capital inflows fell away.

The United States currency closed at 1.6760/70 Deutsche marks and 134.72/82 yen against its 1.6845/52 and 135.33/40 opening. On cross rates, the kiwi was valued at AustB9.osc, 1.0378 marks, 34.72 p, 83.423 yen and 0.8505 Swiss francs. The Reserve Bank’s trade weighted index closed at 69.3 against its 9 a.m. fix of 69.4. In Sydney the Australian dollar closed barely steady at U569.45/50C with foreign ex. change markets awaiting the outcome of United States Federal Budget talks for direction.

The Australian dollar had opened lower at 69.25/30c after making gains offshore overnight to close in London at 69.57/62 from a Wednesday close in Sydney of 69.47/ 52c.

Against other major currencies it was mostly lower at 1.1647/62 Deutsche marks from 1,1813/27, 93.66/78 yen from 94.57/65, 38.98/39.03p from 39.52/57p and 0.9543/57 Swiss francs from 0.9662/76. It firmed to JNZ1.1220 from 1.1209.

In Wednesday’s New York trading, the United States dollar fell to 1.68475 Deutsche marks from 1.6906. Other late dollar rates included 1.3835 Swiss francs, down from 1,38575; 5.7140 French francs, down from 5.7300; 1238.50 Italian lire, down from 1243.00; and $Can1,31615, down from 1.31745. The British pound climbed to $U51.7701 from 1.7605 in London trading and to 1.7740 from 1,7645 in New York.