3 Mar 2009

NZ dollar still down

9:55 am on 3 March 2009

The New Zealand dollar slid to fresh six-year lows on Tuesday after further falls on global equity markets.

The dollar dropped to 49.12 US cents - the lowest since November 2002, surpassing the previous low of 49.61 US cents in February.

At 6.20am on Tuesday, the dollar was trading at 49.4 US cents.

The currency has been on a downward slide since topping 80 UScents against the greenback last year.

However, BNZ currency strategist Danica Hampton says it will take something major to push the dollar significantly below 50 US cents.

The dollar is also weaker against other currencies. At 6.20am, it was trading at 78.25 Australian, 35.29 pence, 48.06 yen and 0.3925 euro. The Trade Weighted Index was at 51.18.