The New Zealand dollar has pared gains in local trading after an upbeat Northern Hemisphere session when equity markets rallied and fears over tensions in Ukraine eased.
The kiwi fell to 83.30 US cents at 5pm in Wellington from 83.88 cents at 8am, though still up from 82.77 cents on Monday.
The trade-weighted index rose to 78.18 from 77.76 on Monday.
Investors took advantage of last night's gains, taking profit from the rally in the kiwi after stocks on Wall Street gained, spurring demand for risk-sensitive currencies.
Those gains were underpinned by expectations Ukraine will be able to attract international aid after lawmakers ousted President Viktor Yanukovych to quell the prospect of a civil war.
"There was a bit of a risk-on environment overnight helped by the Ukraine situation seeming to calm down," said Michael Johnston, senior trader at HiFX in Auckland.
"The equities rally helped pull up commodity currencies such as the kiwi and Aussie, and people have been selling into it."
The kiwi traded at 92.28 Australian cents at 5pm in Wellington from 92.34 cents on Monday, but gained to 85.38 yen from 84.63 yen and to 60.65 euro cents from 60.25 cents.
