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

 

Development: Screen Precinct Earmarked For Hobsonville Point

Auckland Council’s Auckland Development Committee has today passed a recommendation to create a screen precinct on council-owned land at Hobsonville Point. More>>

ALSO:

Scoop Business: NZ Business Confidence Plummets To Lowest Level Since GFC

New Zealands business confidence plunged to the lowest level in three years in the second quarter as companies became pessimistic about profitability expectations. More>>

ALSO:

Oceans: NZ Jumps Into International Shark Agreement

New Zealand has boosted the protection of sharks by signing the Memorandum of Understanding on the Conservation of Migratory Sharks. More>>

ALSO:

Insurance: EQC To Double Payout, Scrap Contents Insurance

New Zealand’s Earthquake Commission may double its payout amount, scrap contents insurance and process claims through private insurers under the government’s long-running review of funding and management of the state-run earthquake insurer. More>>

ALSO:

Gordon Campbell: On Tiwai Point (And Saying “No” In Greece)

Its hard to see how Rio Tinto’s one month delay in announcing its intentions about the Tiwai Point aluminium smelter is a good sign for (a) the jobs of the workers affected or (b) for the New Zealand taxpayer. More>>

ALSO:

Half Empty: Dairy Product Prices Extend Slide To Six-Year Low

Dairy product prices continued their slide, paced by whole milk power, in the latest GlobalDairyTrade auction, weakening to the lowest level in six years. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news