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New Zealand dollar briefly pares losses versus greenback

4/12/2008 7:10:20 AM

NEW YORK, Dec 3 (Reuters) - The New Zealand dollar briefly trimmed losses against the U.S. currency on Wednesday after the central bank cut interest rates by 150 basis points, as expected.

The New Zealand dollar last traded at $0.5283, down 1 percent on the day, after earlier paring losses to $0.5300. .

The Reserve Bank of New Zealand cut interest rates to 5.0 percent, saying it had shifted to an expansionary monetary policy to combat downside risks to the economy. See [ID:nWEL000800]. (Reporting by Wanfeng Zhou; editing by Dan Grebler)

© 2008 Thomson Reuters. All rights reserved.Click for Restrictions

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