The New Zealand dollar is the official currency and the only form of legal cash in New Zealand. It is usually abbreviated with the dollar sign ($) when it is being used within New Zealand. The New Zealand dollar symbol “$NZ” or “NZ$” is sometimes used to distinguish the New Zealand dollar from other currencies that are denominated in dollars. The name “Kiwi” or “Kiwi dollar” is sometimes used to refer to the money of New Zealand. This is because the kiwi, which is a flightless bird, is shown on the dollar coin of the country.

Since the introduction of the dollar in 1967, one dollar is equivalent to one hundred cents. The following bank notes are accepted in the monetary form: $5, $10, $20, and $50 and $100.

The current rate of New Zealand dollar is INR (50.125 🔄) . You can keep an eye on the live New Zealand dollar value to get an idea about the New Zealand dollar rate India.

History of the New Zealand Dollar

In the year 1957, the government established a committee with the mission of investigating the benefits and drawbacks of utilising decimal money. The idea was favourably embraced, and in 1963, the decimalization of New Zealand’s currency was put into practice.

The Congress of the United States approved the Decimal Currency Act in 1964, which established the day of transition as July 10th, 1967. On Monday, July 10, 1967, the pound was replaced by the New Zealand dollar.

In order to make the transition as smooth as possible, roughly 165 million new coins and 27 million new banknotes were manufactured. On March 4, 1985, the first time that the New Zealand dollar was allowed to be freely traded, the original exchange rate was 44 cents US.