The New Zealand dollar recovered a little of the ground lost overnight but was largely mired in a quiet session.
By 5pm, the kiwi was at US76.35c from US77.20c late yesterday, and against the Australian dollar it was at A78.55c from A79.10c.
"There hasn't really been a wholelot of news through our trading day, and I think it's more a case of people watching and waiting to see what's going to happen in US equity markets tonight that's really going to drive the scene," said BNZ currency strategist Danica Hampton.
The New Zealand dollar had plunged more than a US cent overnight as US sentiment improved on the back of a stock rally inspired by a sharp drop in oil prices.
Focus was turning to the Reserve Bank of New Zealand interest rate decision next Thursday, expected to be no change to the 8.25 per cent Official Cash Rate followed by a cut in September.
Despite the rebound, the US dollar remained on a shaky footing given concern over the US financial system and bleak growth prospects due to the slumping housing market.
