Kiwi well bid

Press, 29 September 1988, Page 34

Kiwi well bid

PA Wellington The New Zealand dollar ended yesterday still over the US62c level — but only just. It closed at U562.00/10C after good two-way trade, dealers said. Although moving in a narrow 30point range, the New Zealand dollar was well bid under US62c and well offered over it, they said. The New Zealand dollar opened higher at U 561.93/ 03c ■ from its close’ on Tuesday of 61.88/98c. Early buying from Sydney took it through to a high of U562.10c before local corporate and option interests sold, taking it down to a low of US6l.BOc, dealers said. On the cross rates at yesterday’s close, the. New Zealand dollar was worth Aust79.loc, 1.16 Deutsche marks, 36.91 pence, 83.36

yen and 0.9866 Swiss francs. The Reserve Bank trade weighted index closed at 62.5. It reached that fix at midday after opening at 62.4, slightly up on Tuesday’s close of 62.3. At the New Zealand close, the Australian dollar was trading at U578.41/48C after a high of 78.90 c and a low of 78.30 c. Dealers said the Australian unit was marginally easier at mid-session in Sydney, dragged off earlier highs on selling after the balance of payments figures. The United States dollar was quiet in early trading as the Japanese business year was at its end. The unit was at 1.8765/ 72DM and 134.45/55 yen as New Zealand trading closed.