The Australian dollar has hit its highest point against the greenback since January. -AAP Image
Local shares have rallied amid firming hopes for a September rate cut by the US Federal Reserve as the Aussie dollar has hit a six-month high against the greenback.
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The  benchmark S&P/ASX200 index on Thursday rose 91.9 points, or 1.19 per cent, to 7,831.8, while the broader All Ordinaries added 93.1 points, or 1.17 per cent, to 8,079.2.
While the gains were respectable, they only put the ASX200 back where it was nine days ago.
The local currency rose above 67 US cents for the first time since early January.
The Aussie was buying 67.15 US cents, from 66.74 US cents at Wednesday's ASX close.
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