The New Zealand dollar fell along with other commodity currencies ahead of an expected Reserve Bank interest rate cut this morning.
The kiwi dropped to 65.82 US cents at 8am in Wellington, from 66.16 cents at 5pm yesterday.
The trade-weighted index declined to 69.99 from 70.20 yesterday.
Commodity currencies, including the New Zealand, Australian and Canadian dollars, declined as oil prices fell following an unexpected rise in inventories.
Reserve Bank governor Graeme Wheeler is expected to cut the official cash rate by 25 basis points to 3 per cent today as prices for dairy products, the nation's largest commodity export, remain lower for longer and as inflation remains lower than target.