THE Australian dollar has hit its highest level in a week as traders scale back their expectations for an interest rate cut before the end of the year.
At 1700 AEST on Friday, the local unit was trading at 94.43 US cents, up from 94.01 cents on Thursday.
RBC Capital markets currency strategist Sue Trinh said the chances of a rate cut by the Reserve Bank before the end of 2013 were weakening.
"The Australian dollar has been resilient in the face of softer stocks, rallying in Asia off its lows and to a new high for the week as expectations of RBA rate cuts get pushed back," Ms Trinh said.
On Tuesday, the Reserve Bank of Australia kept the cash rate unchanged at 2.5 per cent and made little mention of the need for further interest rate cuts in its statement.
The local currency is also rising against a US dollar hit by concerns about the ongoing US budget crisis.
Most parts of the US government are still closed after Congress failed to pass the budget by the end of the American financial year, three days ago.
Agreement is needed to raise the borrowing limit for the US government by October 17.
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