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The New Zealand dollar rose yesterday as traders squared up positions ahead of today's monetary policy statement by the Reserve Bank of New Zealand.

The dollar was at US70.63c at 5pm and rose as high as US70.69c.

The central bank is expected to keep the official cash rate unchanged at 2.5 per cent and the focus will be on any indication the bank gives of when it will start raising rates.

The dollar rose to A77.07c at 5pm from A76.84c, against sterling was 47.17p, and against the yen 63.55.

The trade weighted index rose to 65.26 from 64.65.