The Australian dollar opened one and a half US cents lower at a three-month low on Friday, after a night of panic on global markets stirred up by fears the Greek financial crisis might spread to other European nations.

Financial market volatility surrounding the fall-out from Greece's debt debacle may yet stand in the way of another interest rate rise next week.

Wall Street plunged overnight on worries that debt problems in Greece and Portugal could threaten the global economic recovery.

The Australian dollar opened higher on Tuesday as Greece's request for aid moderated worries on financial markets of a possible default by the Eurozone nation.

The Australian dollar opened one US cent higher at a five month peak on Monday, as news of a bailout package for debt-ridden Greece caused a surge in global risk appetite.