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

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news