Growing fears the second leg of the so-called "double dip" is hitting world markets are responsible for driving the New Zealand dollar off recent highs.

The NZ dollar may keep falling this week as investors get jittery about the speed and strength of the global recovery .

The New Zealand dollar has tumbled amid renewed concerns the global recovery may take longer than previously thought.

The kiwi dollar has fallen below 75US cents as more signs of recovery in the US economy are seen.