THE Australian dollar soared through US87¢ to its highest level in more than a year yesterday as commodity prices jumped and markets rallied on signs the global economy was improving.
The local dollar was boosted by a fall in the US dollar to its lowest level in almost a year as investors continued to ditch the ailing greenback.
The $A hit US87.29¢ in late trade on Wednesday, the highest since August 22, 2008, The Australian Financial Review reported on Wednesday.
By late this afternoon, it had risen to US87.4c.
In the past few weeks, selling of the US dollar has accelerated on fears the policies implemented to fight the financial crisis have set the US on an unsustainable debt spiral.
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