The New Zealand Dollar rose to its highest level against the greenback in two weeks as the US currency fell broadly.
By 8am today the kiwi was buying US72.06c from US71.32c at 5pm yesterday.
The fall in the US dollar was linked to worries of wider credit-related losses at some US financial firms, which made investors abandon risky trades, igniting a rally in the yen and Swiss franc.
A surge in Crude oil prices above $US120 a barrel also took some steam out of the US dollar's recent strong recovery.
The ANZ bank said the NZ dollar's gains were tentative, and could be seen as partly a rebound from oversold levels.
Along with the rise in the oil price, the broader commodities basket also gained strongly, ANZ said.
"Unsurprisingly, commodity currencies such as the NZD and AUD also gained."
The NZ dollar edged up against other major currencies overnight.
By the local open it was buying 0.4839 EURO from 0.4828 at 5pm yesterday, and was at 78.21 yen from 78.17.
Against the Australian dollar, the kiwi was buying A81.94c at 8am from A81.76c at the local close. The trade weighted index rose to 66.63 from 66.34.