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NZ dollar drops to 2 1/2-year low

The New Zealand dollar fell to its lowest level since February 2016 as South Africa entered a recession for the first time in nine years, reigniting fears over emerging markets and stoking demand for the greenback. 

The kiwi dropped as low as 65.38 US cents, trading at 65.55 cents as at 8am in Wellington from 65.96 cents yesterday. The trade-weighted index declined to 71.27 from 71.55 yesterday.&nb

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