$NZ is gaining
PA Wellington The New Zealand dollar closed stronger at 5U50.5290/05 after brisk trading on the foreign exchange market yesterday following its $U50.5240/55 opening. It traded in a range between U552.35C and U553.15C, with good twoway business in one of its busiest days so far this year.
The kiwi sold down to 5U50.5195/10 in London overnight, but large-scale exporter buying at its lower levels yesterday morning brought it up. Exporter demand around US52c should prevent it falling beyond there, dealers said. Following the kiwi’s easing trend this week, dealers were again talking about it heading upwards. “The market seems to be going long again,” said one dealer.
Also helping the kiwi was renewed overseas interest in New Zealand bonds now that the bond tender programme is settling down after last month’s SIOOM default. The Reserve Bank’s trade-weighted exchange rate index rose to 66.5 at 3 p.m., from 66.2 at 9 a.m. and 66.1 on Tuesday. Cross rates in late trading saw the kiwi valued at Aust76.4c, 1.28 marks, 38.5 p and 101.7 yen.
The U.S. dollar closed slightly easier at 2.4090/ 00 marks from its 2.4125/ 40 local opening. Sterling finished slightly ahead at $U51.3750/60 from its $U51.3730/40 New Zealand start, despite tumbling oil prices.
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Press, 6 February 1986, Page 10
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207$NZ is gaining Press, 6 February 1986, Page 10
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