NZ dollar drops after Reserve Bank abandons bias to raise interest rates

Thu, 29 Jan 2015

By Jonathan Underhill Jan. 29 (BusinessDesk) - The New Zealand dollar dropped, touching a four-year low, after the Reserve Bank abandoned its bias for raising interest rates and said a rate cut was a possibility. The kiwi fell to 73.27 US cents at 5pm in Wellington and earlier fell as low as 73.18 cents, from 74.52 cents late yesterday. The trade-weighted index declined to 75.83 from 76.79. Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged as expected but surprised the market by saying the next adjustment could...

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