Kiwi runs on spot

Press, 29 April 1989, Page 31

Kiwi runs on spot

NZPA Wellington The New Zealand dollar traded solidly all day yesterday on the foreign exchange market and closed exactly on its opening quote and Thursday evening’s close of U561.50/60C. “It’s been quite a busy day with plenty of exporter buying and a good cpi figure,” a dealer said. The New Zealand dollar was pushed up to a day’s high of 61.90 before Asian selling brought it down toward its close, he said. Although the New Zealand dollar remained firm around the 61.50 level, dealers said they could not see it sustaining any rally above US62c. It traded yesterday in a 42-

point range with a base of 61.48. The New Zealand dollar firmed again yesterday morning, on the back of what dealers said was good exporter demand and buying out of Australia. The March quarter consumer price index rise of 1.1 per cent in the quarter was in the middle of the forecast range and had little effect on early trading, dealers said. A slightly weaker United States dollar had also helped the New Zealand dollar to firm, one dealer said. New Zealand’s cross rate with Australia continued to firm also, but slipped slightly fromAust77.Blc in the morning to close at Aust77.64c.

Against other main currencies the New Zealand dollar was mixed and at the close was quoted at 1.1542 Deutsche marks, 36.36 p, 81.51 yen and 1.0214 Swiss francs. The Reserve Bank trade weighted index also closed as it opened, fixed at 61.5. It closed on Thursday evening at 61.3, a week ago at 60.8 and a month ago at 60.4.

The Australian dollar closed weaker in Sydney after early bouts of local selling drove it down towards the US79c level, dealers said. The Aussie closed at U579.35/40c, off the low’s on short-covering and booksquaring before the week-end, but down from Thursday’s 79.59/64 finish.