The New Zealand dollar plunged to record depths yesterday, with the trade weighted index also crashing to historic lows.
The kiwi closed on local currency markets at 43.39USc, more than a cent and a half down on Tuesday's 45USc close.
The trade weighted index - which measures the kiwi against the currencies of its major trading partners - was at 49.45, from 50.94 at Wednesday's close.
A range of currencies suffered once again at the hands of the mighty American dollar, but the kiwi more than most.
It is now below its immediate pre-float level of 44USc set on March 4, 1985. Dealers cited weak German business confidence as the catalyst for the kiwi's latest fall. The euro fell, and the aussie, which generally sets the kiwi's direction, followed. Treasury consultancy Greenwich Financial Services director Derek Rankin said he could see no reason for the kiwi to strengthen.
"We're just going to keep testing lower until we find some sort of support. At the moment the offshore investment community is not there - not even looking for levels to invest," Mr Rankin said.
"The kiwi is going to continue to pressure lower. Once we go through [43.50c] we are in uncharted waters."
The 90-day bill rate weakened to 6.71 per cent.
- NZPA
<i>Currency:</i> Kiwi plumbs record lows
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