$NZ holds steady course
PA Wellington The New Zealand dollar traded quietly yesterday, closing at U561.50/60c, 10 points down on its opening 61.60/70C, but still slightly higher than Wednesday's 61.40/50.
On the cross rates at the close, the New Zealand dollar was worth Aust7s.24c, 1.1644 marks, 36.46 p, 81.772 yen, and 1.0148 Swiss francs. The Reserve Bank trade weighted index closed at 60.9, slightly down on its opening and Wednesday’s closing fix
of 61.0. A week ago it closed at 60.4 and a month ago at 69.8. In Sydney the Australian dollar ended slightly firmer, at U581.92/97C, off its highs after succumbing to the volatility of the U.S. dollar in
quiet trade. Against the New Zealand dollar, the Australian dollar firmed to $NZ1.3277/06 from 1.3201/31. In New York, the U.S. dollar closed narrowly mixed on Wednesday (early yesterday, N.Z. time), after with-
standing concerted centralbank intervention for the second day in a row, but its undertone remained firm.
Dealers said the market needed fresh incentives to hit their target of 1.90 marks, which is thought to be a top end of Group of Seven’s reference range for the dollar. The group meet this week-end.
The dollar ended lower at 1.8940/45 marks from Tuesday's 1.8955/65, but higher at 133.30/35 yen from 133.20/30.
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Press, 31 March 1989, Page 14
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211$NZ holds steady course Press, 31 March 1989, Page 14
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