Kiwi moves into new territory

Photo / File

The New Zealand dollar soared higher yesterday, pushing above US86c and further into territory uncharted in the post-float era.

It has climbed US2c, or 1.5 per cent, this week and at 5pm was trading at US86.19c, from US85.69 at the same time on Thursday. The kiwi was last at such levels in 1981, when the exchange rate was managed by the Muldoon Administration.

The kiwi also pushed back up towards recent highs against the euro and Australian dollar but was unable to hold those levels and fell back.

The NZ dollar was at A79.51c at 5pm from A79.87c on Thursday, and edged lower to €0.5987, from 0.6007. It moved up to 67.74 at 5pm, from 67.48, while the trade weighted index lifted to 73.74 at 5pm from 73.72.

The Australian dollar was at US$1.0839 yesterday.

- NZPA