Is this the start of its decline? 
NZ currency: Dollar ends just below US74c
New 5:30PM Friday April 27, 2007
The New Zealand dollar recovered from a hefty overnight fall to close the week just below US74c.
The kiwi fell against a range of currencies overnight as investors took note of concerns raised by the Reserve Bank against the strength of the kiwi.
The fall against a mildly strengthening greenback was particularly marked, with the NZ dollar falling from a near post-float high above US74.80c around 5pm to open at US73.70c. It ended on US73.95c.
Traders said the Reserve Bank initially looked to have succeeded in unsettling the market by yesterday describing the New Zealand dollar exchange rate as exceptional and unjustified as it raised interest rates 25 basis points to 7.75 per cent.
Those comments meet two of the criteria used by the Reserve Bank to decide whether to intervene in foreign exchange markets.
However, some buyers were unable to resist the interest rates on offer and the kiwi far from entering a free-fall, rebounded.
While most analysts believed Reserve Bank currency intervention was unlikely, the market appeared to have heeded the warning, ANZ Bank said.
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