The New Zealand dollar has declined further against the currencies of its major trading partners due to uncertainty about Europe's ability to cut debt.
At 5.20pm on Wednesday, the currency was trading at about US78.5 cents - its lowest point since early January.
HiFX senior dealer Dan Bell says questions about the future implementation of austerity measures following elections in Greece and France has led global investors to pull their money out of the New Zealand dollar and similar currencies.
Mr Bell says the potential of an interest rate cut in New Zealand is also pushing the currency down against the Australian dollar.
He says the currency may fall further as global investors remain cautious about the situation in Europe.
Voters in weekend elections in both Greece and France rejected austerity measures that markets have seen as the way out of Europe's debt crisis.