The New Zealand dollar has fallen in response to a cut in the Official Cash Rate by the Reserve Bank.
The dollar initially fell by more than US ¾ cents to a six-month low of US74.1 cents.
It has since reclaimed some ground. By 12.15pm, it was trading at US74.38 cents, 77.46 Australian cents, 37.22 pence, 80.21 yen, and 0.4742 euro. The Trade Weighted Index was at 66.38.
The Official Cash Rate is now 8%.
It was the first cut in rates by the Reserve Bank since July 2003.
The former rate of 8.25% was set on 26 July 2007.
In currency markets, the New Zealand dollar fell following the Reserve Bank's announcement, but It has since reclaimed some ground.
