The New Zealand dollar rose against a falling Australian dollar today and was little changed against the US dollar.

By 5pm the NZ dollar was at US75.95c, which was down from US76.12c at 8am but up from US75.79c at 5pm yesterday.

It rose to A77.90c at 5pm from A77.61c at 8am and A77.47c at 5pm yesterday.

The Australian dollar fell today after Reserve Bank of Australia governor Glenn Stevens said interest rates were about right for now, which was not as hawkish as expected.

Mr Stevens has told a parliamentary committee that while the previous cash rate of 4.5 per cent was "normal", the economy had now moved into a period of greater inflationary pressures, AAP reported.

"The use of the word normal is shorthand really," Mr Stevens told the House of Representatives Standing Committee on Economics on Friday.

"At the moment most commentators and market pricing does not anticipate any further near-term tightening by us for quite some time. And I think that's probably a reasonable position for them to have, based on the information we have now," he said.

The US dollar consolidated, having had a strong week on the back on ongoing concerns about sovereign debt levels in Europe.

Trading was generally subdued due to the Thanksgiving holiday in the United States.

The NZ dollar spiked to around 0.572 euros overnight, near 10-week highs it has pushed at several times in the past week as the euro zone debt crisis shows little signs of abating. The NZ dollar then fell away to be at 0.5698 euro by 5pm.

It was at 63.58 yen at 5pm from 63.26 yesterday, while the trade weighted index was 68.72 from 68.48.

- NZPA