But the local currency was expected to come under pressure this afternoon if regional share markets lost momentum.
At 12.00pm (AEDT), the dollar was trading at $US0.6663/67, up 1 per cent from yesterday's close of $US0.6597/02.
The dollar stood at $US0.6666 when it opened at 07.00am AEDT, with a late turnaround on Wall Street helping risk appetite.
After a session of heavy losses, New York's Dow Jones industrial average index finished up 0.15 per cent to 8212.49, as investors reacted to news the US Congress had passed a $US825 billion ($A1.25 trillion) economic stimulus plan.
The dollar then fell to a daily low of $US0.6624 within the first two hours of local trade before rising to high of 0.6691 one hour later as Asian share markets rallied.
Easy Forex senior dealer Francisco Solar said a 1 per cent rally on Japan's Nikkei index this morning helped high-yielding currencies such as the Australian dollar.
"It does add to the sentiment, which does help high yielders like the Aussie and Kiwi (dollars) pare back losses of late,'' he said.
Mr Solar said the dollar was in danger of falling back to $US0.6600 this afternoon if a late turnaround in Asian share markets pulled down the currency.
With commodity prices falling and investors worried about the US banking sector, based on speculation Citigroup may have to be nationalised, the fundamentals for risk appetite are shaky.
"It looks like the markets are reverting back to fundamentals and the fundamentals aren't positive,'' Mr Solar said, adding a global economic recovery may not begin until 2010.
With no such thing as a safe bet, investors turn to the untraditional
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