The New Zealand dollar rebounded on Wednesday after falling below US80 US cents.
Overnight on Tuesday the kiwi fell as low as US79.7 cents.
By 12.30pm on Wednesday it had regained ground to trade at US80.2 cents.
The currency has lost 7% since hitting a a post-float high of US86.3 cents in mid-April.
Analysts say signs of an improvement in the American economy is behind the depreciation, with investors selling the kiwi and other commodity-based currencies and buying US dollars.