NZ stocks: Dollar falls against major currencies

The New Zealand dollar continued tailing off against a stronger US dollar today, following the euro and Australian dollar as they declined.

By 5pm, the kiwi was at US62.74c, down about US1c from late yesterday afternoon, but above the day's low of US62.40c.

The kiwi firmed against the Aussie to A79.38c from A78.97c yesterday, but eased against the euro, yen and sterling.

"This morning, we were reasonably well supported above US63c," a dealer said.

"But subsequent to the euro and the Aussie being sold off, and also with a negative number which printed on the Dow overnight - which has also rubbed off a wee bit on the offshore equity markets in this side of the world - we've seen the NZ dollar sold off."

The New Zealand and Australian dollars have been hit as investors, looking to sell out of riskier assets, continued to take profits after falls in stocks and oil prices.

On the other hand, the yen received a boost after weak data in the United States and Europe and a slide in global stocks encouraged caution about the global economy.

Earlier, the greenback gained after an expression of confidence by Russia in it as the world's reserve currency.

- NZPA