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Analysts at Australia New Zealand (ANZ) bank expect the New Zealand Dollar to drop to 0.59 by the end of March 2020 on lower interest rates and uncertainty surrounding capital decision.

The Kiwi is seen recovering to 0.61 by the end of the second quarter.

The NZD/USD pair is currently trading at 0.6317, having hit a four-year low of 0.6204 on Oct. 1.

The Reserve Bank of New Zealand (RBNZ) in August reduced the official cash rate to 1% and left the doors open for more rate cuts, if required.