The New Zealand dollar rose past 74 U.S. cents Monday, bringing it close to an all time post- float high.

At 12:15 pm on Monday, the New Zealand dollar was 74.06 U.S. cents -- half a cent short of a previous record high against the U. S. dollar set in March 2005.

The dollar was floated in 1985. Before the float it was pegged at 44 U.S. cents.

Experts said the surge in the Kiwi is due mainly to on-going weakness in the U.S. dollars and that the New Zealand dollar is also benefiting from the so-called carry trade, in which investors borrow in low-interest currencies such as the yen to invest in high-yielding currencies like the New Zealand dollar.

Monday's rise will put further pressure on some in the export sector, whose profits suffer when the New Zealand dollar is high, said experts.

Source: Xinhua