New Zealand dollar falls on foot and mouth report

New Zealand dollar falls on foot and mouth report

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The New Zealand dollar fell 0.6 percent in relation to the US dollar, to $0.7257 on Tuesday on a report that foot and mouth disease had been released deliberately on a small island near Auckland.

The kiwi later recovered to $0.7309 amid speculation that the report was a hoax. Similar reports in the past have turned out to be false.

If the report had been true, it would have devastated the New Zealand economy, which depends on the export of dairy products, meat, wool and hides, which make up almost a third of New Zealand’s annual exports.