The Australian national currency has risen to 102.34 US cents compared to 102.04 US cents on Wednesday following several days of falls.

The Australian dollar was trading at the level of 80.43 Japanese yen compared to 79.84 yen on Wednesday, and at 79.05 euro cents, down from 79.16 euro cents. The currency was trading at a low of 101.82 US cents on Thursday after falling for days.

The decision by the Reserve Bank of Australia to reduce its interest rate on Tuesday has increased pressure on the currency at the international currency markets. The Australian dollar saw increased demand on Thursday and was able to recover moderately but lower than expected retail sales hampered the growth.

The Australian Bureau of Statistics released figures showing the Australian retail sales rose 0.2 per cent in August, after dropping 0.8 per cent in July. Foreign currency dealers said that a meeting of the European Central Bank on Thursday and the release of US non-farm payrolls data on Friday will have an impact on the currency valuations.

The weak Chinese purchasing managers' index (PMI) for September put pressure on the Australian dollar in the international currency markets. Concerns over the economic situation in Europe in particular and Spain and Greece in general have also impacted the currency markets over the weekend, according to experts.