7 Mar 2009

Dollar below 50 US cents

9:26 am on 7 March 2009

The New Zealand dollar again slipped below 50 US cents on Friday as sharp falls in US stock markets triggered further selling of risky assets.

Wall Street indicies had fallen 4% on Thursday as General Motors warned of possible bankruptcy and concerns about the banking system's fate prompted a flight to investment safe havens.

The dollar last week fell to a six-year low against the US currency of 49.12 US cents.

Around midday on Friday the New Zealand dollar was trading at 49.77 US cents.