SYDNEY - THE Australian dollar hit an eight-month high against the US currency on Monday, breaching the 80 cents mark as optimism rises over the world economy, dealers said.
The aussie was trading at 80.44 US cents at noon (0200 GMT, 10am Singapore time), backed by solid gains on the local stock market and renewed appetite for risk, they said.
'The Aussie dollar is experiencing a high yield advantage as equity markets are performing quite strongly,' said CMC markets dealer Jian Wei.
'Local markets are trading 40 points higher today. All those factors are giving it a boost.'
The Australian unit opened at 80.17, its highest start since Sept 30, while the SP/ASX 200 index was up 1.16 per cent at 3,862.3 points by noon.
The dollar threatened parity with the greenback last July before being dumped as Australia's key commodities exports were ravaged by the global downturn. -- AFP
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