KEY POINTS:
The New Zealand dollar plunged to two-week lows against major currencies but made some modest gains from there.
During the early morning hours, the kiwi plunged from above US57.80c to around US55.50c, its lowest level in two weeks.
It recovered some ground in its domestic session to be US56.15c by 5pm.
Investors remain unwilling to take on risky currencies like the NZ dollar and a 4.7 per cent plunge in Wall Street overnight reinforced the aversion to risk theme.
News of a 0.9 per cent fall in retail sales in New Zealand in the third quarter added to the picture of a weakening economy but the fall was less than expected.
The NZ dollar tumbled to a two-week low against the Japanese currency around 52.50 yen early today, before recovering to be at 53.78 yen by 5pm from 56.10 yen yesterday.
Similarly, the kiwi touched its lowest level in a fortnight against the euro around 0.4440. By the local close the rate was 0.4495 from 0.4580 yesterday.
The NZ dollar firmed against its trans-Tasman counterpart, to A87.45c at 5pm from A87.30c yesterday. The trade weighted index was 57.58 at 5pm from 58.61.
BUY/SELL
Australia........... 0.8825 0.8632
Bahrain............. 0.2154 0.2087
Canada.............. 0.7032 0.6840
Denmark............. 3.3966 3.2900
Euro................ 0.4570 0.4427
Fiji................ 1.0465 1.0130
French Polynesia.... 54.84 53.10
Great Britain....... 0.3810 0.3711
Hong Kong........... 4.4278 4.2932
India............... 28.1392 27.1907
Japan............... 54.84 53.10
Kuwait.............. 0.1544 0.1495
Norway.............. 4.0502 3.9240
Pakistan............ 46.21 44.56
Papua New Guinea.... 1.5127 1.3765
Philippines......... 27.9897 26.8793
Samoa............... 1.7327 1.5196
Singapore........... 0.8606 0.8339
Solomon Islands..... 4.3897 3.5033
South Africa........ 5.9438 5.7502
Sweden.............. 4.6168 4.4738
Switzerland......... 0.6761 0.6543
Thailand............ 19.96 19.09
Tonga............... 1.2201 1.0905
United States....... 0.5698 0.5557
Vanuatu............. 68.61 59.98
- NZPA