The Reserve Bank considers the level of the exchange rate is unjustified and unsustainable, and that it is susceptible to a significant downward adjustment, Governor Graeme Wheeler said in a statement today. Mr Wheeler said the Bank would welcome a move towards a more sustainable exchange rate level. In today’s statement, Mr Wheeler said that, when assessing the implications of current strength or weakness in the New Zealand dollar, the Bank focuses on two broad concepts – whether the exchange rate is unjustified, and whether it is unsustainable. The level of the exchange rate is unjustified when it is inconsistent ... (full story)