27 May 2011

NZ dollar continues to climb

10:02 pm on 27 May 2011

The New Zealand dollar has continued to climb on Friday.

After big gains on Thursday afternoon, the Kiwi treaded water on

Friday morning, hovering around US80.8 cents.

But it gained more than a cent on Friday afternoon, at one stage touching US81.9 cents - a three-and-half-year high.

The gains have been partly attributed to comments from Finance Minister Bill English, who says increased government borrowing is making New Zealand bonds - and consequently the currency - more attractive to Asian buyers.

Mr English says the high dollar is posing problems for exporters.

It is now a smidgen away from its post-float high of US82.15, which was last reached in 2008.