Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


NZ dollar surges vs. Russian ruble amid Ukraine tension

NZ dollar surges to record vs. Russian ruble amid escalating Ukraine tensions

By Tina Morrison

March 4 (BusinessDesk) – The New Zealand dollar touched a record high against the Russian ruble amid escalating tensions over control of the Ukraine.

The kiwi touched a high of 30.65 rubles overnight, and was trading at 30.56 rubles at 8am in Wellington, from 30.14 roubles at 5pm yesterday. The local currency edged up to 83.65 US cents from 83.53 cents yesterday.

The Russian currency plunged to record lows against the US dollar and the euro after Ukraine said Russia was building up troops along the border following Russian president Vladimir Putin’s statement at the weekend that he had the right to invade his neighbour to protect Russian interests and citizens. The Russian central bank unexpectedly raised interest rates and said it has increased its involvement in the currency market, with traders quoted by Reuters estimating the bank spent US$10 billion yesterday to prop up the ruble.

“Uncertainty surrounding the situation in the Ukraine remains high,” Kymberly Martin, markets strategist at Bank of New Zealand, said in a note. “The Russian ruble has dropped to all-time lows.”

In New Zealand today, traders while be eyeing an ANZ report on commodity prices for February, scheduled for release at 1pm.

In Australia, the focus will be on the Reserve Bank of Australia which is expected to keep its benchmark interest rate unchanged at 2.5 percent and maintain its neutral bias.

The New Zealand dollar was little changed at 93.66 Australian cents from 93.67 cents yesterday.

Australia’s interest rate decision is due at 4:30pm New Zealand time, following data on Australia’s fourth quarter current account balance and January building approvals

The kiwi gained to 84.85 yen from 84.69 yen yesterday, advanced to 60.88 euro cents from 60.62 cents and increased to 50.20 British pence from 49.87 pence. The trade-weighted index rose to 78.55 from 78.39 yesterday.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

NASA, NOAA: Find 2014 Warmest Year In Modern Record

Since 1880, Earth’s average surface temperature has warmed by about 1.4 degrees Fahrenheit (0.8 degrees Celsius), a trend that is largely driven by the increase in carbon dioxide and other human emissions into the planet’s atmosphere. The majority of that warming has occurred in the past three decades. More>>

ALSO:

Scoop Business: New Zealand’s Reserve Bank Named Central Bank Of The Year

The Reserve Bank of New Zealand’s efforts to stifle house price inflation by using new policy tools has seen the institution named Central Bank of the year by Central Banking Publications, a publisher specialising in global central banking practice. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news