Australian dollar has fallen to a one-year low against the New Zealand currency after a surprise interest rate cut by the Reserve Bank.
The RBA on Tuesday cut interest rates by 25 basis points, taking the official cash rate to 3.25%.
At midday on Wednesday the New Zealand dollar was buying A80.52 cents.
The Australian dollar also fell slightly against the US currency.
The rate cut by the Reserve Bank of Australia on Tuesday takes the official cash rate to its lowest level since October 2009, the ABC reports.
It is now only just above the low of 3% reached during the height of the global financial crisis.
The main reasons for the cut appear to be concerns about the global economic slowdown, falling commodity prices and risks that international financial conditions may take a sudden further turn for the worse.
