31 May 2009

NZ dollar rising

5:35 am on 31 May 2009

The New Zealand dollar has reached its highest level against the United States dollar since October last year.

The kiwi now buys 64 US cents.

Deutsche Bank chief economist Darren Gibbs says fewer people choosing the greenback as a safe-haven investment.

Despite the recession, he says New Zealand is faring well compared with many other countries and investors are becoming confident about buying the dollar.

However, Mr Gibbs says the kiwi has risen a long way in a short time and he hopes it will be curbed soon.

At 5.20pm on Friday, the New Zealand dollar was at 62.75 US cents, 79.59 Australian cents, 39.26 pence, 60.52 yen and 0.4486 euro. The Trade Weighted Index was at 59.71.