The Kiwi dollar has further to fall.

It's down to 68.8 against the US this morning.

ASB's Head of Foreign Exchange Tim Kelleher doesn't expect it to stop there.

"If we look at the 20 year average in the kiwi dollar is 65.60 cents so that gives us some idea. We're reaching probably extremes but the market is certainly keen for it to go lower."

Kelleher said the tourism industry and those selling overseas will welcome the drop.

"There are lots of benefiters. It would take time to read through the export sector, but we'll see immediate pick up in tourism you would've thought, makes your off shore purchases more expensive though."