The Australian currency opened weaker on Monday as uncertainty remains over the outcome of the weekend's federal poll.

Investors sold the local unit after voters seemed to have delivered Australia's first hung parliament since the Second World War.

At 7am east-coast time, the domestic currency was exchanging at 88.63 US cents, 0.44 per cent lower from Friday's finish of 89.03 US cents. The Aussie was also buying 75.86 yen, 69.72 euro cents and 57.07 pence.

Since 5pm Friday, the domestic currency ranged from 88.41 to 89.4 US cents.

Bank of New Zealand currency strategist Mike Jones said the election uncertainty had dealt a "heavy blow" to the local dollar.

"It looks to remain pretty heavy into the first part of this week as the uncertainty descends into the Australian political situation," he said.

The Aussie lost 1 US cent from 89.46 to 88.43 US cents in the early hours of the morning, according to IRESS data.

The domestic currency then came off its lows as bargain hunters and exporters moved in early trade, Mr Jones said.

"Some people thought that the levels of the Australian dollar were reasonably attractive from a bargain hunting perspective."

"We've still got exporters looking to buy the Australian dollar at cheap levels."

Mr Jones believed the federal poll was the main influence on the Aussie after flat offshore trade on Friday.

Wall Street stocks closed mostly lower as traders remained worried over the pace of recuperation of the US economy following the release of poor data.

Given the lack of local data and uncertainty in federal election result, Mr Jones forecasts the Aussie would stay at current levels throughout today's local session.