Kiwi firms

Press, 27 April 1989, Page 42

Kiwi firms

PA Wellington The New Zealand dollar closed slightly firmer against the United States dollar on the foreign exchange market yesterday but below its high quote for the day. The kiwi closed at U561.37/47C against its opening of 61.17/24 which was under the level it closed in limited inter-bank trading on Anzac Day. Trading, although mixed, was a little brighter than the tight range of recent weeks and the pre-Anzac Day activity, a dealer said.

The kiwi moved in a 59point range with a high of 61.71 before slipping to close about its mid-level. Earlier the kiwi had edged up from its opening toward US6l.5c on offshore buying, dealers said. Some selling of the currency occurred in New York overnight after the Prime Minister, Mr Lange, on a visit to the United States, spoke to the Asia Society about New Zealand interest rates, dealers said. The kiwi was bought back later and was supported by further buying out of Australia. yesterday morning, perhaps reflecting the sharemarket play on Goodman Fielder Wattie, a dealer said. On the cross rates at yesterday’s close the kiwi was still firm against the Austra-

Ilan currency at Aust77.l9c but slightly down on earlier quotes of Aust77.3lc. Against the other main currencies it was virtually unchanged and was worth 1.1459 marks, 36.1 Ip, 80.72 yen. and 1.0107 Swiss francs. The Reserve Bank tradeweighted index closed at 61.1 against its opening fix of 61.0 and Monday’s close to 60.9. A week ago it closed at 60.6 and a month ago at 60.9.

The Australian dollar closed in New Zealand at U579.55/60c after being quoted earlier in the day at 79.39/44. It moved in a 48point range and came close to the USBOc level with a high of 79.64. In Sydney at noon, interbank and offshore buying interest combined with a short squeeze had pushed the Australian dollar up, dealers said. The Australian dollar closed at U579.53/58C in Sydney ahead of Monday’s finish of 79.16/23 and a 79.38/45 opening. . In New York on Tuesday (local time) the United States dollar closed mostly higher in quiet trading, with traders uncertain as to what boosted the American currency. The dollar closed at 1.8663/70 marks, up from 1.8605/10 marks on Monday. The greenback fell to 131.43/ 50 yen from 131.53/58 yen on Monday.