WELLINGTON, New Zealand – The New Zealand dollar has fallen to its lowest level in 14 months after the central bank released figures showing it sold the currency.
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Data released Monday by the Reserve Bank showed it sold 521 million New Zealand dollars ($410 million) during August in an effort to push the currency lower.
The bank rarely intervenes in the market. It was its largest sell-off in seven years.
The Kiwi dollar, as it is known, was trading down nearly 2 percent Monday at $0.77. It has dropped 12 percent since July.
In a speech last week, Reserve Bank Governor Graeme Wheeler said the dollar remained overvalued and was trading at unsustainably high levels, a mix that justified possible intervention.
A high dollar is generally good for consumers but bad for exporters.