At 7:00 (AEST), the Australian dollar was buying 77.70 U.S. cents, up from 77.50 U.S. cents on Thursday.
The Aussie rose from 77.50 U.S. cents to as high as 77.90 early on Friday morning before falling to 77.31 and then held steadily around 77.65 as the pair battled below the 78.00 resistance point.
"U.S. equities fell for a third consecutive day. Concerns are emerging about the impact of rising term interest rates on equities prices," Westpac Bank economists said in a morning note.
"However, the defensive U.S. dollar also fell, AUD/USD up slightly to 0.7770. "
At 9:00 (AEST), the local unit was buying 77.67 U.S. cents.
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