3 Feb 2009

NZ dollar falls below 50 US cents

9:07 pm on 3 February 2009

The New Zealand dollar dropped to below 50 US cents on Monday night for the first time in six years on negative news from the European banking sector.

Investors pulled back to their home markets, selling the Kiwi overnight, after British bank Barclays had its credit rating downgraded.

It briefly hit 49.65 US cents before edging back up trading at just over 50 US cents.