NZ Dollar 25 year high

Posted June 6th, 2007 by Dr James Pratt

The New Zealand dollar has hit a new post-float high, cresting the key US75c level for the first time in a quarter of a century.

Around 7.45pm, the kiwi was buying US75.31c, above the previous post-float high of US74.93c hit in mid-April on the back of figures showing persistently high domestic inflation.

The NZ currency was floated 22 years ago in March 1985 at a level of US44.4c.

Yesterday's level is the kiwi's highest in 25 years, with the NZ dollar last above US75c when this country ran a so-called crawling peg currency.

The kiwi broke through the post-float high late this afternoon, before bounding more than a quarter of a US cent.

More information:

http://stuff.co.nz/4084669a13.html

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