Australian dollar well below 77c

THE Australian dollar has hit a fresh six-year low as the greenback continues to gain strength.

Australian currency.

THE Australian dollar has hit a fresh six-year low as the greenback continues to gain strength.

At 0631 AEDT on Wednesday, the local currency was trading at 76.09 US cents, down from 76.47 cents on Monday.

This was the lowest point since May 2009.

The low point comes a day after National Australia Bank’s business confidence index for February dropped to its lowest level in almost two years.

It reminded financial markets that the Reserve Bank would be likely to cut rates again as the US Federal Reserve considers raising rates, giving the US dollar a boost.

Originally published as Australian dollar well below 77c