Aug. 3 (Bloomberg) -- The Australian dollar strengthened to its highest in almost two weeks amid a rise in the price of commodities the country sells overseas such as copper.

The Reuters/Jefferies CRB Index of 19 commodities rose for an eighth day yesterday, gaining 0.9 percent to its highest in 4 1/2 months. Rising raw material prices such as copper, which reached a record high, bolster the local currency because about 10 percent of the country's economic growth is dependent on commodity exports.

``The global growth and commodity story looks a good reason to buy the Australian dollar right now,'' said Rick Lloyd, head of Group of Seven currency trading at ABN Amro Holding NV in Sydney. ``The Australian dollar will outperform.''

The Australian dollar rose to 76.55 U.S. cents at 10:24 a.m. in Sydney from 76.48 cents. It climbed as high as 76.67 cents, the strongest since Jul. 22.

The currency will probably advance to 76.92 cents in the next two days, its 200-day moving average, Lloyd said.

To contact the reporter on this story: Chris Young in Sydney at cyoung12@bloomberg.net.

Last Updated: August 2, 2005 20:29 EDT