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NZ dollar reaches two-year low against USD after OCR announcement

August 10, 2018

The effects of a dramatic slide in the kiwi are already hitting home, with petrol companies hiking prices.

The New Zealand Dollar has fallen sharply against the Greenback on the heels of yesterday's unchanged Official Cash Rate.

As of 5am this morning, NZ$1 bought just US66.22c after falling more than 1c following the OCR announcement.

The OCR was left unchanged at 1.75 per cent, with indications it would stay that way until 2020.

Reserve Bank Governor Adrian Orr yesterday had a positive tone during the announcement, saying it was a good time to invest in businesses, but also acknowledged that confidence was low.

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