$NZ down
PA Wellington Heavy corporate selling in thin trade meant the New Zealand dollar closed down at U558.95/59.05 on last Friday’s 59.28/38 close. The New Zealand dollar opened at 59.37/ 47 but was quickly traded down to 59.20/30 by midmorning. It reached a high of 59.42 and was sold as low as 58.82.
Dealers said the New Zealand dollar was forced down by a big sale against the Australian dollar estimated to be worth between $4O million-$7O million. In local trading, the United States dollar was 1.9803/13 Deutsche marks and 146.05/ 10 yen against 1.9587/97 and 145.20/30 at Friday’s close here.
The Australian dollar finished down at U575;90/97c locally against Friday’s 76.36/ 43 close. It reached a high of 76.02 and a low of 75.83.
On the crossrates the New Zealand dollar was worth Aust77.7oc (up from 77.64 on Friday), steady at 1.16 marks 37.97 pence (37.8), and 86.22 yen (86.15).
The Reserve Bank’s trade weighted index was 62.2 at close, compared with 62.1 at 3 p.m. Friday, 61.6 a week ago, and 60.7 four weeks ago.
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Press, 5 September 1989, Page 41
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178$NZ down Press, 5 September 1989, Page 41
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