NZ dollar falls after central bank says it may scale up currency intervention to limit gains

Thu, 30 May 2013

By Tina Morrison May 31 (BusinessDesk) – The New Zealand dollar fell after Reserve Bank governor Graeme Wheeler said yesterday he is prepared to keep intervening in foreign exchange markets to limit the rise of the local currency. The kiwi fell as low as 80.03 US cents, from 81.15 cents at 5pm yesterday, and recently traded at 80.76 cents. The trade-weighted index slipped to 75.89 from 76.41 yesterday. Wheeler said the currency is significantly overvalued and he is prepared to “scale up” currency intervention should he see opportunities to h...

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