The dollar fell to its lowest level in nearly two weeks yesterday against a resurgent US dollar.
It was confined to recent ranges, slipping to a low of US72.58c but closing at US72.66c compared with US72.79c on Tuesday.
Meanwhile, the greenback climbed to three-month highs against the yen on receding expectations of a US interest rate cut later in the year. It closed locally at 121.67 yen, up from 121.49 yen on Tuesday.
The kiwi also lost some ground against its Australian cousin, slipping to A88.44c from A88.71c yesterday.
The local currency showed limited reaction to a quarterly Reserve Bank survey showing inflationary expectations for the next two years had steadied in the second quarter.
The report said business managers expected annual inflation to average 2.7 per cent over the coming year, unchanged from February.
Most economists expect the Reserve Bank to keep rates on hold at its next review on June 7.
Dealers said the focus remained on overseas factors amid lack of significant local data, although April trade data is due out today.
"Overnight I would suggest support at US72.50c, resistance at US73.20c," said ANZ Investment bank chief dealer Murray Hindley.