The New Zealand dollar rose above 85 US cents for the first time in two months as global equity markets rose, local business confidence improved and Federal Reserve chairman Ben Bernanke gave no hint that quantitative easing could end.
The kiwi advanced to US85.21 cents on Wednesday morning, rising above US85 cents for the first time since February 15, from US84.86 cents at 5pm in Wellington on Tuesday.
The trade-weighted index gained to 78.35, having earlier touched a post-float record 78.46, from 78.24 on Tuesday.
On Wall Street, the Dow Jones Industrial Average rose 0.4% to a record close, led by companies tied to economic growth including Microsoft and Chevron, AAP reports.
The kiwi rose to 84.35 yen from 84.21 yen and slipped to 81.21 Australian cents from 81.35 cents. It was little changed at 65.08 euro cents and edged up to 55.62 British pence from 55.56 pence.