Monday, February 21, 2011

New Zealand Dollar Falls in Asian Markets After Devastating Earthquake

CHRISTCHURCH – In early Asian deals on Tuesday, the New Zealand dollar has to absorb a sharp fall against other main currencies after a deadly earthquake hit the southern city of Christchurch. A slump in Asian stocks on fear over rising political unrest in the Middle East also smashed the New Zealand dollar. 

A trivial earthquake of 6.3-magnitude has hit Christchurch city, one of the major New Zealand cities, causing extensive devastation with numerous fatalities reported soon after the tragedy and the total death toll still undecided.

The earthquake is thought to be an aftershock from the September 2010 earthquake of 7.3-magnitude which struck Christchurch but did not claim any lives as it struck in the middle of the night.

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