The New Zealand dollar is up against all the currencies of the country's major trading partners.
ASB Bank head of external foreign exchange sales Tim Kelleher said the Kiwi hit a record on a trade-weighted basis.
"It looked like there was some fairly hairy leverage buying out of Asia, which seems to have coincided with some stock losses that had been sitting above 87.5," he said.
"Also, it coincided with a new high in the NZ TWI (Trade-Weighted Index), which is the basket of currencies the Reserve Bank looks at, so the TWI has popped to a new all-time high since the launch of the currency."
Just after 5pm, the New Zealand dollar was buying: 87.61 US cents, 93.16 cents, 51.57 pence, 0.6426 euro, 89.15 yen and 5.46 renminbi.
New Zealand shares rose, with the NZX Top 50 Index gaining 26 points to 5130.
Murray and Co director of wealth management Johnny Cochrane said an announcement by Port Tauranga buoyed the market.
"The big move of the day is from Port of Tauranga announcing further developments in infrastructure at Port of Tauranga, allowing larger ships in in 2016 and also announcing a strategic alliance with an entity called Kotahi, which is jointly owned between Fonterra and Silver Fern Farms," he said.
Port of Tauranga shares rose 63 cents to $15, while Diligent shares were down 8 cents at $3.99.
Late on Thursday, carpet maker Cavalier warned its profit would come in between $5 and $6 million for the year ended June, down from February's forecast of at least $6 million. Cavalier shares fell 8 cents to $1.40