The New Zealand dollar is trading at a week-low against the American currency on the back of investor fears about the global economy.
At 5.15pm on Wednesday, the New Zealand dollar was trading at 70.82 US cents, 78.15 Australian cents, 43.57 pence, 62.63 yen and 0.4811 euro. The TWI stood at 63.65.
A string of poor company results and fears about the financial health of Greece and Dubai, have caused global markets to sink.
A first half loss of USUS3.65 billion reported by property developer Nakheel sent another wave of selling through the Dubai stock exchange. Nakheel is owned by Dubai World.
BNZ Markets foreign exchange head Mike Symonds says investors have again become risk averse and are dumping commodity currencies like the kiwi, in favour of the US dollar.
