The Australian dollar reached a new 28-year high of 99.94 US cents overnight, but stopped just shy of reaching parity.
The dollar - which closed the day's trade worth 99.32 US cents - belied a decline in the all ordinaries index, which by lunchtime was down 25.9 points to 4,740.
But the index since recovered somewhat to close at 4,758.
The Standard & Poors /ASX 200 index fell by 10.1 points to 4,689.
Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.