By Candice Zachariahs
July 17 (Bloomberg) -- The New Zealand dollar rose the most in two months against the yen as a rally in U.S. stocks encouraged investors to buy higher-yielding assets.
The benchmark interest rate in New Zealand is 8.25 percent, compared with 0.5 percent in Japan. The local currency fell for a second day against the U.S. dollar after financial stocks recovered and oil prices dropped.
``The yen is weaker across the board because risk aversion has been damped,'' said Meg Browne, a senior currency strategist at currency dealer Brown Brothers Harriman & Co. in New York. ``The kiwi is benefiting from that as well.''
The New Zealand dollar appreciated 1.1 percent to 81.09 yen at 8:20 a.m. in Wellington, from 80.21 in late Asian trading yesterday. It fell to 77.16 U.S. cents, from 77.21 cents.
To contact the reporter on this story: Candice Zachariahs in New York at czachariahs1@bloomberg.net
Thursday, July 17, 2008
New Zealand Dollar Rises Against Yen as U.S. Stocks Increase
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