Federated Farmers says the continual rise in the value of the New Zealand dollar against the US dollar, is really putting pressure on exporters.
Offshore trading in the dollar on Thursday night pushed it through the 70 US cent mark, following a decision by the Reserve Bank to keep the Official Cash Rate at 2.5%.
The federation wanted to see the base lending rate lowered again this week.
But Reserve Bank Governor Alan Bollard says that would not have had an effect on the New Zealand - US exchange rate because that's being driven by pressure on the US dollar.
Federated Farmers president, Don Nicolson, says whatever the reason may be, it's cold comfort for farmers.
He notes that the New Zealand dollar is a commodity currency that is traded a lot and the rise puts 'extreme pressure' on all exporters.