The Australian dollar fell Thursday morning as Asian stocks declined prompting investors to close positions on riskier assets to take some profits. At the start of the trade, the Australian dollar fell to its 2-day low against the Canadian and New Zealand currencies.

The Australian stock market started the day on a low note on the back of a flat close on Wall Street overnight.

The benchmark S&P/ASX 200 index, which fell to around 4,541 after moving up marginally following a flat start, is currently trading at 4,550, down 9 points or 0.2% from its previous close. The broader All Ordinaries index is down 6.1 points or 0.1% at 4,566.

Other Asia-Pacific markets that started the day weakly were China, Japan and New Zealand. The Malaysian, Singaporean, South Korean and Taiwanese markets were all in positive territory.

The Australian dollar depreciated by more than 0.9 percent to reach a 2-day low of 1.2346 against the New Zealand dollar by 10:05 am ET from Wednesday's 16-day high of 1.2462. The next downside target for the aussie-kiwi pair is likely to be seen around the 1.2350 level. The pair is presently quoted at 1.2354, compared to 1.2393 hit late New York Wednesday.

The Australian dollar shed almost 0.8 percent to reach a 2-day low of 0.8830 against the Canadian dollar by 9:35 pm ET from Wednesday's fresh 2-week high of 0.8899. On the downside, the aussie-loonie pair may find support around the 0.88 level. The pair that closed yesterday's deals at 0.8854 is presently quoted at 0.8834.