NZ dollar drops to 2 1/2-year low as fears over emerging markets bolster greenback

Tue, 04 Sep 2018

By Paul McBeth Sept. 5 (BusinessDesk) - The New Zealand dollar fell to its lowest level since February 2016 as South Africa entered a recession for the first time in nine years, reigniting fears over emerging markets and stoking demand for the greenback. The kiwi dropped as low as 65.38 US cents, trading at 65.55 cents as at 8am in Wellington from 65.96 cents yesterday. The trade-weighted index declined to 71.27 from 71.55 yesterday. South Africa's rand depreciated 3.4 percent to 15.3418 per US dollar after Africa's second-largest ec...

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