The New Zealand dollar has hit a two-year high against the American currency overnight.

At one point the kiwi was worth 72.02 US cents, its highest level since March 2005. It has since dropped back to 71.75.

Investors continue to be attracted by New Zealand's high interest rates.

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The company that makes Ribena may have been fined for false advertising, but the Commerce Commission says its harshest punishment may come from consumers.

GlaxoSmithKline must pay $227,500 after admitting its advertisements misled the public about the drink's vitamin C content. It pleaded guilty to 15 charges of breaching the Fair Trading Act and must also take out corrective advertising in newspapers.

Paula Rebstock from the Commerce Commission says GlaxoSmithKline had an absolute responsibility to make sure the vitamin C claims in its products were accurate and could be substantiated. She believes the company will suffer a public backlash because many people have believed for years that Ribena gave health benefits.

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The Securities Commission is warning New Zealanders they may be targeted by international fraudsters peddling an investment scam.

A group calling itself Metro Financials has been cold-calling Australians offering commodity and futures options traded on an options exchange.

The commission's Director of Market Supervision, John Mulry, says people are directed to what looks like a sophisticated website, but which is really made up of plagiarised material from legitimate websites. He says the best thing to do is to hang up on any suspicious calls.

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On the sharemarket, the NZX50 is 22 points higher on 4,127.

On Wall Street the Dow Jones Industrial Average is 71 points lower on 12,397.

The New Zealand dollar is trading at 71.75 US cents, 88.71 Australian cents, 53.75 euro cents, 84.61 yen and 36.48 pence.

The 90 day bank bill rate is 7.94 percent and the TWI is 70.09.