Speculations that Central Bank in Australia will raise its benchmark rate in order to spur demand for the nation's assets have taken a positive outlook.  The Australian dollar traded near at the highest level this month as traders indulged in buying thus raising bets for rise in benchmark rate from the Central Bank.

The chance that Reserve Bank of Australia will boost its benchmark on March 2 was raised to 40 percent by the Traders who were trading in swaps. Policy makers had already announced that a further increase might be necessary. This has sparked a rally in Australian Dollar and the outlook continues to be positive. Analysts believe that a cap might be possible after the levels of 90.4 to 90.5 cent are attained.
Australia's currency climbed to 90.28 cents yesterday, the strongest since Jan. 28. The currency rose from 81.40 yen to 81.32 yen.

The rise can also be attributed to the fact that a separate index measuring the number of jobs available for skilled workers in Australia had risen by 1.6 percent in as compared to last month. Australian dollar rose above 90 cents for the first time in the last 30 days on this Tuesday.