Ratings agency Fitch has plunged the New Zealand dollar into doubt by downgrading the nation's credit rating to 'negative' from 'stable'. While Fitch reiterated the AA+ credit rating itself, it also noted economic stability in New Zealand is fragile.

The New Zealand dollar has rallied this week following strong corporate earnings in the US and improved growth forecasts in China and news of the downgrade has knocked market confidence. It does however stand in contrast to ratings from Moody's who regards New Zealand credit as stable, and S&P who have upgraded the outlook from negative to stable.

Currency rates for the New Zealand dollar are currently at 2.55 per pound and per US dollar.

The rates quoted above are interbank rates. Client rates may vary according to the volume and timing of the trade.