Dollar drops after OCR announcement

The New Zealand dollar dropped against other currencies in the wake of this morning's drop in the official cash rate 50 basis points to 2.5 percent.

The kiwi, which had been trading around US73.92c before the 9am announcement, immediately dropped to US73.31c but recovered to US73.62c.

Against the Australian dollar it dropped from 73.05 to 72.92 and was also down against the Japanese yen and the euro.

Banks have also cut floating home loan rates - details here

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