The New Zealand dollar was holding its ground in local trade yesterday and strengthened slightly to close above 43USc, a currency dealer said.
After slumping to a new all-time low of 42.08c on Friday, the kiwi recovered in morning trading yesterday to 42.97c, and rallied slightly to 43.02c when the market closed.
The kiwi gained against all its major trading partners, and saw the debt market rally.
However, trading was quiet, as was typical for a Monday, the currency dealer said.
The kiwi traded in a tight range, between 42.92c and 43.11c.
The dealer expected the kiwi to trade between 42.80c and 43.20c overnight, and said activity would be quiet as there was a holiday in New York.
On the local currency market, the Australian dollar also gained against the US, closing at 57.68USc after finishing at 57.51c on Friday.
On the cross-rates, the kiwi closed at 74.58Ac (from 73.47c on Friday), 45.51 yen (44.98) and 29.38 pence (29.20).
The trade weighted index was firmer and with 90-day bills rallying to 6.67 per cent (from 6.70), the monetary conditions index was at minus 826 (from minus 882).
The debt market also rallied, the February 2001 bonds were at 6.62 per cent (6.70) and November 2011s at 6.60 per cent (6.67).
- NZPA
<i>Currency:</i> Kiwi claws back over 43USc
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