SNZ eases

Press, 4 February 1986, Page 26

SNZ eases

PA Wellington The New Zealand dollar 1 continued to ease during late ; afternoon trading yesterday, down to $U50.5330/45 from < its opening at SUSS34O/55. Dealers said the market i was quiet, with the domestic 1 unit trading in a narrow range between $U50.5330 and 1 $U50.5355. I Some thought the most sig- I nificant feature of the day was the Australian dollar's < drop of almost USO.SC, closing at $U50.7086/93 against its morning opening of SUS7I4S/ i 55. Earlier in the day it went ’ as low as $U50.7070/75, they i said. i On the cross rates the kiwi i continued its decline against the yen, ending the day at i 101.6. It was also worth I Aust7s.2c, 38.2 p, and 1.27 J

marks. The Reserve Bank indicative exchange rate index was at 66.1 at 3 p.m., up slightly from yesterday morning’s opening 66.0 level. In Tokyo the United States dollar fell below the psychologically significant level of 190 yen in Tokyo yesterday for the first time In more than seven years, money brokers said. The United States currency opened sharply lower at 190.45 yen after New York’s 191.50/60. It touched as low as 189.65 yen In Sydney and Wellington but bounced back above 190 before the major market In Tokyo pushed it under again. The dollar later rebounded above 190 in Tokyo and was being quoted at around 190.40 yen.