Aust dollar recovers in early trade

Local currency stabilises after slumping on Stevens' hints at further easing.

The Australian dollar has gained a little ground in offshore trade after its sharp fall yesterday.

At 0630 AEST, the local unit was trading at 90.66 US cents, up slightly from 90.63 cents on Tuesday.

The Australian dollar lost almost two US cents on Tuesday after the release of weak building approvals data and hints from Reserve Bank governor Glenn Stevens about a cash rate cut next week.