The New Zealand dollar is consolidating just above 79 US cents following the Reserve Bank's warning yesterday that the currency was too high.
The Kiwi fell more than 1.5 US cents from about 80.7 US cents just before the announcement.
Westpac currency strategist Imre Speizer said trading in the dollar was subdued today.
At 5.20pm, the New Zealand dollar was trading at 79.02 US cents, 90.20 Australian cents, 48.45 British pence, 0.6198 euro, 86.09 yen and 4.85 renminbi.
Meanwhile, the New Zealand sharemarket fell in line with overseas markets, with the benchmark Top 50 Index down 24 points to 5253.
Among the leaders, Comvita's share price rose 12 cents to $3.82.