NZ dollar gains after RBA cuts interest rates in a bid to revive slowing economy

Tue, 04 Dec 2012

By Paul McBeth Dec. 4 (BusinessDesk) - The New Zealand dollar followed its Australian counterpart higher after the Reserve Bank of Australia cut interest rates to a level not seen since 2009 in a bid to revive economic activity as the resources boom peters out. The kiwi rose to 82.29 US cents at 5pm in Wellington from 82.04 cents immediately before the RBA announcement, and was up from 82.10 cents at 8am and 81.95 cents yesterday. The Australian dollar jumped to US$1.0446 at 5pm in Wellington from US$1.0417 immediately before the release....

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