NZ dollar falls after central bank sales

New Zealand's dollar fell against the US dollar and yen as the Reserve Bank of New Zealand intervened to sell the kiwi.

``We regard current levels of the exchange rate as exceptional and unjustified in terms of the economic fundamentals,'' the governor of the Reserve Bank, Alan Bollard, said.

The kiwi dollar fell from just over 76 cents in late trading on Friday to just under 75 cents on Monday.

"This action does not prejudge the future direction of monetary policy, which as always will remain d