NZ dollar slumps on concern about exports after Fonterra food contamination scare

Sun, 04 Aug 2013

By Tina Morrison Aug 5 (BusinessDesk) – The New Zealand dollar slumped on concern a food contamination scare at Fonterra Cooperative Group, the nation’s largest dairy company, will hit exports. The kiwi fell to a month low of 76.99 US cents, and recently traded at 77.15 US cents from 78.31 cents at the New York close and 78.87 cents at the 5pm market close in Wellington on Friday. The trade-weighted index dropped to 73.71 from 75.16 Friday. The local currency slid after Fonterra, the world’s largest dairy exporter, said on Saturday it had fo...

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