NZ wants lower NZ dlr but intervention won't work - PM

WELLINGTON, June 20 (Reuters) - New Zealand needs a lower exchange rate particularly against the U.S. dollar but cannot make it happen, the Prime Minister said on Wednesday.

"We would like to see a more competitive exchange rate against the U.S. dollar, against the Australian dollar we're pretty competitive," Prime Minister John Key said in the parliament in reply to a question about the high exchange rate.

However, he said much of that reflected the weakness in the U.S. dollar, and there was little the New Zealand government could do to influence that.

"The government doesn't believe it can influence that through intervention," said Key, a former foreign exchange dealer. (Gyles Beckford)