Aust dollar holds below US95c

Currency dips on comments from RBA governor that its current value not supported

The Australian dollar is holding below 95 US cents after dropping to a two-week low following comments by the central bank chief that the currency was too high and would eventually be "materially lower".

At 0630 AEDT, the local unit was trading at 94.77 US cents, down from 95.05 cents on Tuesday.

During overnight trade, it fell as low as 94.72 US cents, its weakest level since October 14.

Reserve Bank of Australia governor Glenn Stevens on Tuesday said the current value of the Australian dollar was not supported by levels of costs and productivity.