Aust dollar lifts in early trade

Local currency regains some ground after losing half a US cent on RBA decision.

The Australian dollar is regaining ground after slipping half a US cent following the Reserve Bank of Australia's comment that the local currency remained "uncomfortably high".

At 0630 AEDT, the local unit was trading at 94.94 US cents, up from 94.77 cents on Tuesday.

The RBA kept the cash rate on hold at 2.5% on Tuesday but expressed concern about the persistently high Australian dollar.

The statement accompanying the decision said a lower currency was needed to rebalance growth in the economy, indicating another cash rate could be on the cards.

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