India, July 8 -- The New Zealand dollar strengthened against other major currencies in the Asian session on Wednesday, following the Reserve Bank of New Zealand or the RBNZ's quarter-basis-point interest rate increase.
At its June policy meeting, the RBNZ increased its Official Cash Rate (OCR) by 25 basis points to 2.50%, in line with broad market forecasts. The central bank's Monetary Policy Review states that when economic activity improves, additional monetary stimulus cuts will probably be required to bring inflation down to its target midpoint of 2%.
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