The New Zealand dollar stabilised this morning, following Friday's sharp fall.
At 8.30am it was buying US69.05c from US68.85c at Friday's local close.
The kiwi fell sharply on Friday against all currencies as investors quit the kiwi on fears of recession and expectations the two-year tightening phase is over.
Bank of New Zealand currency strategist, Sue Trinh, said the kiwi needed to hold above the US68.40c level to prevent a further steep correction.
The likelihood of another rate rise in January to quell inflation is looking more remote and investors keen on the kiwi's high interest rates, particularly those from Japan, are departing.
The kiwi cross rate against yen eased a touch this morning to 79.81 yen from 79.85 yen on Friday.
Rates:
8.30am today 5pm Friday
NZ dlr/US dlr US69.05 US68.85
NZ dlr/Aust dlr A92.83 A92.40
NZ dlr/euro 0.5744 0.5762
NZ dlr/yen 79.81 79.85
NZ dlr/stg 38.99 39.05
NZ TWI 70.66 70.63
Australian dollar US74.39c US74.52c
Euro/US dollar US1.2015 US1.1950
US dollar/yen 115.58 116.06
- NZPA
<EM>Currency:</EM> Kiwi stabilises following Friday's fall
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