Finance

NZ dollar appreciates on RBNZ 50 basis point hike

Ella Somers
Thu, 26 May 2022

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NZ dollar appreciates on RBNZ 50 basis point hike
Reserve Bank governor Adrian Orr said the RBNZ had "no influence" on where the kiwi dollar goes next. (Image: Getty)
Ella Somers
Thu, 26 May 2022
The New Zealand dollar jumped against the US and the Australian dollar yesterday afternoon after the Reserve Bank of NZ announced it was hiking the official cash rate (OCR) by 50 basis points in an effort to dampen inflation.The kiwi dollar was trading at US$0.65 and A$0.91 at 5pm in Wellington yesterday, up from US$0.64 and A$0.90 the day before.The Reserve Bank of NZ (RBNZ) wrote in their monetary policy statement yesterday that the rising global interest rates had “narrowed interest rate differentials with New Zealand”, which had...

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