New Zealand dollar drops 1pc

LONDON: The New Zealand dollar extended losses to fall by more than one percent on the day against the US dollar on Wednesday after the Reserve Bank of New Zealand chief said the currency was significantly overvalued compared to its fundamentals.

The New Zealand dollar fell to a session low of $0.8378, its lowest level since Feb. 12. The kiwi came under pressure after governor Graeme Wheeler said he did not rule out currency intervention.