From US76.81c at 5pm yesterday, the kiwi was down to US75.84c by 8am today. That was around its lowest levels since late January, apart from a brief dip lower 3-1/2 weeks ago.
The US dollar initially rose against the euro and yen as investors bet that plans by Lehman Brothers Holdings Inc to raise capital will help stabilise the US financial sector.
The greenback then extended those gains after US Treasury Secretary Henry Paulson declined to rule out intervening in currency markets to stabilise the US dollar.
"I would never take intervention off the table or any policy tool off the table," he said in an interview with CNBC television. "I just can't speculate about what we will or won't do."
The NZ dollar eased against other major currencies by today's local open, briefly dipping to a 22-month low against the euro early today around 0.4830.
By 8am the NZ dollar was buying 0.4853 euro from 0.4868 at 5pm yesterday.
Against the yen, the kiwi was at 80.62 by the local open from 80.90, while it was buying A79.88c against the Australian dollar from A79.91c.
The trade weighted index was 67.77 at 8am from 68.22.
