Update: The NZX-50 has fallen 2.7 per cent today, as smaller investors spooked by global uncertainty, sell out. The ASX opened down 2.2 per cent.

The dollar has risen against the greenback after the United States lost its top credit rating, recently trading at 84.14US cents.

The US and European sovereign debt crises will likely push up the cost of funding for NZ banks, the head of the BNZ says.

France and Germany have moved to try and head off fresh market turmoil this week, by saying they want action to safeguard Europe's single currency.

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More damage was done to capitalism this week than any communist revolutionary could have dreamed of.

The New Zealand dollar plummeted as a global market rout spooked traders into selling the kiwi.

Australian and Japanese sharemarkets have plunged more than 4pc on opening, after a rough night on European and US exchanges. The NZX-50 is down 2.4pc.

This morning's rapid fall in the New Zealand dollar proves recent talk of the kiwi becoming a 'safe haven' currency was hot air, say economists.

The NZ stock exchange has fallen 2.5 per cent on opening, following a big slump on world markets overnight. The NZX 50 Index shed 80.89 points to 3297.86, the lowest level since December.

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The New Zealand dollar fell below 87 US cents on the back of weaker equity markets as investors refocused their attention on the stumbling US economy and Europe's sovereign debt crisis.