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Aussie dollar rises on news of new prime minister

Xinhua, September 15, 2015 Adjust font size:

The Australian dollar surged clear of 71 U.S. cents in offshore trade overnight as offshore investors welcomed the news Malcolm Turnbull will officially assume the role of Australian Prime Minister after a leadership spill.

At 1040 AEST, the local unit was trading 71.54 U.S. cents, up sharply from 70.90 U.S. cents at the close of trade on Monday.

Turnbull ousted then Prime Minister Tony Abbott in a party room ballot late on Monday night, winning 54 votes to 44.

The news helped the local unit rise despite weaker commodity prices and a strengthening U.S. dollar, which under normal circumstances would have seen the Aussie wilt and fall backwards towards the 70 U.S. cent mark, local analysts have said. Endi