The All Ordinaries added a third of a per cent to 5,160 and the ASX 200 matched that gain to 5,181. The dollar has fallen by around six cents against the greenback over the past three weeks and is also down against a range of other currencies.
With the Australian dollar now firmly trading below parity with the US dollar the benefits to the wider national economy will not immediately help its airlines and will drive changes in their strategies, outlooks and opportunities.
The Australian dollar is higher but is failing to build onto its gains as commodity prices fall. At 1200 AEST on Thursday, the local unit was trading at 98.99 US cents, up from 98.72 cents on Wednesday.
The Australian dollar has fallen to another 11-month low as the currency becomes unpopular with Japanese investors. On Friday morning, the Australian currency dropped as low as 97.53 US cents, its weakest level since June 2012.