The New Zealand dollar’s USD/NZD pair gained 0.9% to 0.5843, putting the kiwi at its lowest since August 13 even after the RBNZ raised its official cash rate by 25 basis points to 2.75%

Asian currencies mostly weakened on Wednesday, while the kiwi tumbled even after the Reserve Bank of New Zealand raised its policy rate, as its outlook for further tightening was seen as less hawkish than expected.

The New Zealand dollar’s USD/NZD pair gained 0.9% to 0.5843, putting the kiwi at its lowest since August 13 even after the RBNZ raised its official cash rate by 25 basis points to 2.75%, as expected.

ANZ analysts said the policy track did not point to another increase in October and that the language around future decisions was deliberately vague and highly conditional. With an October hike now seen as less likely, wholesale rates and the NZD moved lower.

DBS’s Philip Wee said the DXY had regained some haven appeal amid renewed U.S. strikes on Iran and market pricing of about a two-thirds chance of a hike.

Rising energy prices are adding to inflation worries that were already being driven by government spending and heavy corporate borrowing to finance the artificial-intelligence buildout.

The Australian dollar’s USD/AUD pair gained marginally to 1.4006, leaving the unit weaker as the country’s 10-year bond yield reached a session high of 5.25%, its highest since July 2011.

The USD/JPY pair rose to 160.21, keeping the yen above the closely watched 160-per-dollar level.

The yuan’s USD/CNH pair and the USD/CNY pair rose marginally. The Indian rupee was firmer, with the USD/INR pair down 0.04% at 94.916.

The Singapore dollar’s USD/SGD pair slightly rose to 1.2733, while the won’s USD/KRW pair dropped 0.3% to 1,369.33 and the Malaysian ringgit’s USD/MYR pair added 0.2% to 4.0441. Malaysia’s central bank decision is due on Thursday.