A harsher exchange rate may be having an impact on Australian buyers at the Karaka yearling sale, though leading trainer Peter Moody thinks it's minimal.

A year ago the New Zealand dollar was worth just over 80 Australian cents, but on Monday it was worth 94 Australian cents, making it 17.5 per cent more expensive to buy a horse.

It appeared to affect the sale, with Australian buyers appearing to make a smaller impact than usual.

But Moody didn't think the exchange rate was too much of a factor.

"It would have made more difference at the top end - if you were paying a million kiwi you'd get them for $A750,000, it was probably cheap in the past. If you're paying $150,000, it's probably not a lot of difference."

Moody bought four horses, the most expensive being a Savabeel-Glamour Puss colt for $280,000.

"It's not as strong as the (Gold) Coast, but good horses are finding their mark."