New Zealand dollar rises to its highest level in six months

New Zealand dollar rises to its highest level in six monthsThe New Zealand dollar has risen to its highest level in six months against the US dollar in local trading following a decision by the Federal Reserve to print more money.

The decision by Federal Reserve resulted in a rally in the global equity markets while it added to the pressure on the US dollar. The New Zealand dollar rose to the level of 83.45 US cents in the evening from 83 cents at in the morning.

The currency was trading at 82.19 cents yesterday against the American Currency. The trade-weighted index increased to 73.67 from 72.86 yesterday. On a weekly basis, the NZ dollar is heading towards recording a 2.2 per cent gain against the US dollar.

The stock markets across the Asian region rose following the announcement by Fed chairman Ben Bernanke in which he said that the authority will purchase $40 billion of mortgage-backed securities a month under a scheme aimed at boosting economic growth in the US economy.

Australia's S&P/ASX 200 index was up 1.3 percent, Japan's Nikkei 225 index gained 2.1 percent, Hong Kong's Hang Seng index was up 2.7 percent and Korea's Kopsi index advanced 2.8 percent.