The Australian currency was higher at Friday noon, nearing a two-year high, as traders take stock after a dramatic week on currency markets.

At midday, the domestic dollar was changing hands at 93.82 US cents, an increase from Thursday's finish of 93.55 cents. It had jumped as far as $US0.9457 offshore Tuesday, taking it back to heights held in July 2008 before the global financial crisis.

Since 7am AEST, the Aussie traded between 93.52 cents and 93.85 cents.

"It's just sort of worked itself into a groove after the events of the week," Nomura Australia chief economist Stephen Roberts said.

The Bank of Japan on Wednesday stepped in for the first time since 2004 to sell the yen in an effort to restrain its export-sapping strength. The yen fell 3 per cent or more against major currencies including the greenback, euro and British pound. The surprise intervention dragged the ailing US dollar up from a 15-year low of 82.87 yen.

Hours before the Bank of Japan made its announcement, the local dollar hit 94.57 US cents, its highest level against the greenback since August 1, 2008.

Mr Roberts predicts that the Aussie will maintain its intra-day range up to Friday's offshore session.

He said with no market-moving data due in the US on Friday, and nothing domestically until next Tuesday, the Aussie would continue to trade in line with its current range.

On Tuesday, the Reserve Bank of Australia is set to release the minutes of its September board meeting, at which the central bank left the cash rate on hold at 4.5 per cent for the fourth straight month.