India, Feb. 19 -- The New Zealand recovered from recent weakness against other major currencies in the Asian session on Wednesday, despite the Reserve Bank of New Zealand cut its interest rate by 50 basis points as inflation remained near the mid-point of the target band.
The Monetary Policy Committee of the Reserve Bank of New Zealand, led by Governor Adrian Orr, decided to lower the rate to 3.75 percent from 4.25 percent.
Policymakers observed that inflation remained near the mid-point of the 1-3 percent target band.
"If economic conditions continue to evolve as projected, the Committee has scope to lower the OCR further through 2025," the bank said.
Meanwhile, the investors remain cautious amid lingering worries of a global trade war...