The Kiwi was in increased demand on Friday, also because of questions regarding the strength of the U.S.' economic recovery. The monetary unit is pushing toward monthly gains, prompted higher by Governor Graeme Wheeler with the Reserve Bank of New Zealand pushing up borrowing costs for the third time thus far this year.
"Given the momentum behind the kiwi at the moment, the prospects are really quite high in the near term that we reach the record," market strategist Kymberly Martin with Bank of New Zealand Ltd. in Wellington told the news outlet on Friday. "Interest-rate differentials and low volatility are currently both in favor of the New Zealand dollar."
The kiwi closed after having minimally advanced on Friday after nearing its top value since August 2011.
Reuters reports interest rates in the South Pacific nation presently stand at 3.25 percent. The central bank of New Zealand has been implementing a tighter monetary policy, which distinguishes the kiwi as an alluring option for investors.
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