Chilly, drizzly Melbourne Cup weather couldn't keep television presenter Rachael Finch away from the race that stops the nation.

"It's a bit tricky but I've got an overcoat," she told AAP in between interviews, while escaping the cool weather.

Finch had just ducked into the 1 Oliver marquee after speaking with the late US pop singer Michael Jackson's daughter Paris who is in the Myer marquee.

"She (Paris) is beautiful and such a gorgeous down-to-earth lady," Finch said.

"She's done a lot of interesting things in her life".

Finch wore a mustard yellow Morrison dress with matching Tony Bianco open-toe stilettos and a straw Nerida Winter hat as she watched a race four in which a jockey took a heavy fall.

Brazilian jockey Joao Moreira fell from his mount Regal Monarch during the race and will not ride Thomas Hobson in the Melbourne Cup.

A top of 16C is forecast for Flemington Racecourse with most of the rain expected to fall before the start of the Melbourne Cup at 3pm.