8 Aug 2012

NZ dollar drops against US

7:30 pm on 8 August 2012

The New Zealand dollar has checked recent rises against its American counterpart and shed about a cent when markets closed on Wednesday to about 81.2 US cents.

The exchange rate has risen about 9% against the greenback since early June, and Westpac currency strategist Imre Speizer says global investors are now selling and booking profits.

He says seen the New Zealand and Australian dollars have been on a fairly strong rise over the last couple of weeks, and he puts the latest drop "down to a healthy bout of profit taking".