Kiwi dollar at 16-year high

The New Zealand dollar rose to its highest level since 1988 against the US dollar last night as negative sentiment on the greenback snowballed.

The euro also hit a record high of US$1.3201, against a backdrop of worries about the US current account deficit.

Last night, the kiwi dollar climbed to 71.72USc, its highest since June 1988.