The Australian dollar is lower against its US counterpart even though the US dollar slid to a near our-month low against a basket of currencies.

The greenback fell early on Monday US time as concerns mounted about the chances of US fiscal stimulus after the stinging defeat of President Donald Trump’s healthcare package in Congress.

At 0635 AEDT on Tuesday, the Australian dollar was worth 76.22 US cents, down from 76.33 US cents on Monday.

Westpac’s Imre Speizer said the local currency had ranged sideways between 76.08 US cents and 76.48.

“The week-long downward correction persists with the 0.7600 US cent area still vulnerable,” he said in a note.

Meanwhile, the US dollar index fell 0.4 per cent to its lowest since November as investors lost confidence in prospects for a US fiscal spending boost under President Donald Trump after his healthcare reform bill failed to pass through Congress.

It recovered some ground but remained down 0.45 per cent on the day after earlier falling as low as 98.858, the lowest since November 11.

AAP

Access exclusive analysis, locked news and reports with Inside Retail Weekly. Subscribe today and get our premium print publication delivered to your door every week.