$NZ gains over week-end

Press, 11 October 1988, Page 26

$NZ gains over week-end

PA Wellington The New Zealand dollar traded quietly and in a narrow range yesterday to close near its start for the day after opening more than half a cent up on its Friday close.

The kiwi closed at U562.08/18c after opening at U562.00/10c. It gained more than half a cent over the week-end, swept along by a higher Australian currency and lower U.S. dollar, after closing at U561.43/53C on Fri-

day. The kiwi traded between 61.90 c and 62.16 c yesterday. Dealers said the market was stalling, with trading in other currencies also “dead.” With the New York and Tokyo markets closed on Monday, little change was expected in local trading today although the kiwi was expected to drift up slightly in the short term. On the cross rates the kiwi was worth Aust77.soc, 1.1543

deutsche marks, 36.49 pence, 82.652 yen and 0.9801 Swiss francs. The Reserve Bank trade weighted index was fixed at 61.8 at 3 p.m. unchanged from its opening and up from 61.4 at 3 p.m. on Friday. And in Sydney the Australian dollar finished higher in a round of buying following a slump in the U.S. dollar in late trading below key chart support levels. The Australian dollar fin-

ished near its highs of the day at U580.16/23C, well ahead of Friday's finish of 79.70/77C, as the U.S. unit fell back On other currencies it finished higher at 1.4899/16dm from 1.4864/81 on Friday and 106.61/75 yen from 106.41/65. Elsewhere it closed at 1.2643/ 62 Swiss francs from 1.2624/ 63, and £47.10/16 from £47.07/14. It eased to 5NZ1.2904 from 5NZ1.2955/ 85.