The New Zealand dollar was weaker against the Australian dollar but little changed against the currencies of the country's other major trading partners.
That followed Thursday's surge after the Reserve Bank raised the Official Cash Rate from 3 to 3.25 percent.
ASB Bank head of external foreign exchange sales Tim Kelleher said investors were cautious ahead of the weekend.
"A little bit of profit taking across the board. We've run into some pretty lofty levels on the TWI basis, so that's something the Reserve Bank keeps a strong eye on as well," Mr Kelleher said.
"So I'm not surprised that, given it's a Friday, we're seeing a little bit of profit taking on the moves from the last couple of days where the Kiwi has certainly out-performed."
Just after 5pm, the New Zealand dollar was buying: 86.66 US cents, 92 Australian cents, 51.08 pence, 0.6391 euro, 88.32 yen and 5.38 renminbi.
New Zealand shares fell, the NZX Top 50 Index shedding 25 points to 5171.
Mint Asset Management portfolio manager Anthony Halls said fund managers were somewhat distracted by all the capital raising activity occurring.
"We had quite a poor lead from overseas. The Aussie market is down a little bit in line with that and our market is just following along," Mr Halls said.
Xero shares fell 65 cents to $29.15, Pacific Edge shares shed 4 cents to 85 cents, Wynyard shares dropped 2 cents to $2.25 but TradeMe shares gained 9 cents to $3.58.