NZ dollar pares decline as exporters use greenback strength to hedge kiwi

Wed, 15 May 2013

By Paul McBeth May 15 (BusinessDesk) - The New Zealand dollar pared its decline during the local session as exporters took advantage of the strengthening greenback to ramp up their hedging with a cheaper entry point. The kiwi increased to 82.13 US cents at 5pm from 81.88 cents at 8am, down from 82.90 cents yesterday. The trade-weighted index fell to 77.13 from 77.46 yesterday. New Zealand’s currency has plunged 3.8 percent since May 3 as investors flocked back into the greenback amid growing expectations the world’s biggest economy is on t...

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