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US $1 and NZ dollar coin - Source: ONE News -
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The New Zealand dollar fell to a five-month low against the greenback, close to US68 cents, early Saturday but then regained some lost ground as equities in the United States erased losses.
By 8am on Monday, the kiwi was up to US68.94 cents, little changed from its level at 5pm on Friday, having fallen as low as US68.03 cents, according to Reuters data. Last Wednesday the New Zealand dollar had peaked around US71.50 cents.
BNZ Capital senior strategist Danica Hampton said the New Zealand dollar was the worst performing currency last week, tumbling about 2.7% against the US currency.
Heavy losses across global equities and rising risk aversion took a toll on growth-sensitive currencies such as the New Zealand dollar as investors rushed to the relative safety of the greenback and yen, she said.
But the New Zealand dollar found a base as equities started to turn.
The New Zealand dollar fell to a 10-week low of 60.42 yen early Saturday, but by the local open on Monday was back up to 61.65 yen, still a little lower than the 61.87 yen at 5pm on Friday.
By 8am on Monday the kiwi was also buying 0.5025 euro from 0.5030 at Friday's local close, and was down to A79.21 cents against the Australian dollar at Monday's local open from A79.49 cents.
The trade weighted index was 64 at 8am on Monday from 64.10 at 6pm on Friday.
