THE dollar has opened near $US1.046 after an up-and-down overseas session. At 7am AEDT, the Aussie is at $US1.0457, little changed from yesterday's local close of $US1.0458. OzForex senior corporate dealer Darren Richardson said the dollar rose during overseas trading as market players continued to react positively to Tuesday's Reserve Bank of Australia commentary, which suggested interest rates would remain on hold in the period ahead. The currency rallied to a high of $US1.0499, but Mr Richardson said the move was not sustained amid some profit taking from investors. Despite the failed attempt to break through $US1.05, the dollar held up well as US stocks posted healthy declines during the Wall Street session. "The higher interest rates of the Aussie dollar is providing a lot of value or attraction for investors," Mr Richardson said. That is going to continue to hold the Aussie dollar up. The RBA board kept the cash rate at 3 per cent on Tuesday. By comparison, official interest rates were effectively zero per cent in the US and Japan. RBA governor Glenn Stevens, who was yesterday reappointed to the role for another three years, said there were a number of indications previous interest rate cuts were having "an expansionary effect on the economy." "Further such effects can be expected to emerge over time," Mr Stevens said. In economics news today, the Australian Bureau of Statistics will release retail sales figures for February and building approvals data for the same month. Mr Richardson said the market focus would also be on the upcoming meetings of the European Central Bank and Bank of Japan. "If we see more stimulus or greater efforts from the central banks to stimulate growth we will see the Aussie dollar strengthen in reaction to that," he said.