N.Z. dollar steady
PA Wellington The New Zealand dollar continued to trade in a 45point range throughout yesterday. The New Zealand dollar closed at U561.20/30C after opening at 61.00/15C, slightly down on Wednesday’s close of 6L25/35C. The weaker opening was still on the back of a weaker Australian dollar. By noon, however, in Sydney the Australian currency had lifted. This helped to push the kiwi dollar to its day’s high of 61.35 c before settling to its closing figure. The Reserve Bank tradeweighted index closed at 61.8 after its opening and midday fix of 61.7. It closed on Wednesday at 61.7.
In Sydney yesterday higher interest rates enabled the Australian dollar to recover and finish the day firmer after an overnight sell-off because of the falling gold price. The Australian dollar opened at U577.84/91C after closing on Wednesday at U578.09/16C. It closed yesterday at U578.34/39C. The Reserve Bank’s decision to raise its rediscount rate to 13.5% from 13.2% saw the return of overseas buying support. In New York on Wednesday (early yesterday, New Zealand time), the United States dollar closed at 1.8740/ 50 Deutsche marks (1.8665/ 70 on Tuesday) and 134.25/30 yen (134.05/10).
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Press, 23 September 1988, Page 16
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193N.Z. dollar steady Press, 23 September 1988, Page 16
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