The New Zealand dollar is holding at high levels against the greenback but continuing to slip against other major currencies.
Having topped US82c on Wednesday night for the first time since being floated 23 years ago, the kiwi dropped as low as US81.08c overnight before recovering to bebuying US81.68c at 8am today.
ANZ bank said the NZ dollar had failed to join the "weak USD party" overnight and instead barely recovered from overnight lows.
"With offshore and local selling pressures mounting a move back above (US82c) was out of the question."
While the kiwi slipped from its peak against the greenback, the US currency itself plunged to a record low against a basket of currencies for a third straight day.
Federal Reserve chairman Ben Bernanke did nothing in testimony to the US Senate to dispel expectations that US interest rates are headed lower.
"Bernanke has yet to make a remark that shows open concern about dollar weakness," said Alan Ruskin, chief international strategist at RBS Greenwich Capital in Greenwich, Connecticut in a note to clients.
Allowing it to drop "is a convenient alternative transmission for the Fed to exert some expansionary influence."
Against the euro, yen and Australian dollar, the kiwi has been heading down since hitting recent highs on Tuesday.
At 8am today it was buying 0.5367 euro having reached a six-month high above 0.5490.
Against the yen the NZ dollar was down to 85.94 from a two-month high above 88 yen, and against the aussie the kiwi was down to A86.01c from a two-week high above A87.80c.
The trade weighted index was 73.32 at 8am from 73.61 at 5pm yesterday.
