RBNZ net buyer of kiwi in May as currency falls 5.6 percent vs. greenback

Thu, 27 Jun 2013

By Paul McBeth June 27 (BusinessDesk) - The Reserve Bank was a net buyer of kiwi dollars in May, a month when the currency sank 5.6 percent against the greenback. The central bank made net purchases of some $90 million in New Zealand dollars in May, according to RBNZ figures. The kiwi dollar dropped to 80.72 US cents from 85.49 cents through May, and recently traded at 78.27 cents. It shed 3.4 percent on a trade-weighted basis in May ending the month at 76.08, and recently traded at 73.79. The central bank’s net buying is a turnaround from...

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