Aussie dollar rises on strong economic growth

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The Australian dollar has risen on stronger-than-expected economic growth figures.

Australia’s economy grew by 1.1 per cent in the March quarter, and by 3.5 per cent on an annual basis.

That was above expectations of growth of 0.8 per cent in the March quarter and an annual rate of 3.1 per cent, according to an AAP survey of 15 economists.

At 1133 AEST the Australian dollar was trading at 92.84 US cents, up from 92.65 US cents before the data was released.

The currency was worth 92.77 cents at the close of local trade on Tuesday.