Reserve Bank of New Zealand (RBNZ) cut the official cash rate (OCR) by 50bps to an all-time low of 1%.
SYDNEY: The New Zealand dollar dived to a more than 3-1/2-year trough on Wednesday after the country's central bank stunned investors with a larger-than-expected 50 basis-point rate cut, dragging its Australian cousin lower.
The kiwi dollar lost a sizable 2% to $0.6378, a level not seen since early 2016 and the largest one-day percentage drop since late March, after the Reserve Bank of New Zealand (RBNZ) cut the official cash rate (OCR) to an all-time low of 1%.
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