Selling against the Australian dollar saw the New Zealand dollar shed more than half a US cent yesterday, with trading once again thin.
The kiwi finished at 42.65USc against its previous close of 43.31USc. Against the aussie it plumbed a fresh low of 74.79Ac (previously 75.42c), which compares with the year's opening level of 79.57c.
"It was a pretty slow day actually - a bit more aussie buying and kiwi selling," a local currency dealer said.
"It will test the 42.40-60USc area and probably hold again."
The dealer said while the kiwi would range weaker it did not appear set for another dramatic slump, like last week when it hit an all-time low at 42.35USc.
"There's not enough outside interest to make a dramatic new low. But it will make new lows.
"It's not going to be the end of the world - it's getting what it deserves, but getting it slowly."
Deutsche Bank forex dealer Cameron McKay said the kiwi was still suffering at the hands of the strong US dollar. The weak Australian dollar and euro added to the downward push, he said.
The trade weighted index was at 48.58 (49.16) and the 90-day bill yields were steady at 6.68 per cent.
- NZPA
<i>Currency</i>: Kiwi plumbs lows against $A
AdvertisementAdvertise with NZME.