By Keith Jenkins Nov. 22 (Bloomberg) -- Investors should take advantage of weakness in the New Zealand dollar as a chance to buy the currency, as today’s selloff appears to be exaggerated, according to Citigroup Inc. The so-called kiwi slid against the U.S. dollar after Standard & Poor’s revised its outlook on the nation’s credit ratings to negative, citing potential weakness in the nation’s banking system. “We believe the intraday selloff in the New Zealand dollar versus the U.S. dollar on the back of the S&P announcement is exaggerated and presents a buying opportunity,” Todd Elmer, a Singapore-based currency strategist at Citigroup, wrote in a client note today. New Zealand’s currency dropped 0.4 percent to 77.53 U.S. cents as of 10:40 a.m. in London. The currency may approach 80 U.S. cents, Elmer wrote. Investors should scrap the trade if the kiwi retreats “just beneath recent lows” at 76.15 U.S., he wrote. --Editors: Keith Campbell, Peter Branton. To contact the reporter on this story: Keith Jenkins in London at kjenkins3@bloomberg.net To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net

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