The Australian dollar is under pressure today over the International monetary fund’s concerns about the future growth of the Australian economy.

At 4.21pm (GMT) the Aussie dollar was trading at US76.85c down from US77.35c in yesterdays close.

According to the IMF, major reforms are needed in order to return the local economy to healthy growth.

“Over the medium-term, and without reform, growth is likely to converge to a slower potential rate,” the International Monetary Fund said at the conclusion of a two-week visit to Australia.

“We see Australia’s outperformance ending,” said James Daniel, the IMF’s mission chief to Australia.

The Aussie dollar may be stuck in a range for the foreseeable future as a rebound in commodity prices and a lack of clarity from the US Federal Reserve on the timing of an interest rate hike put a floor under the local currency.

The Australian dollar remains very much stuck in a broad 75.50 US cent to 80 US cent range," said Westpac currency strategist Robert Rennie. "Indeed, over the last five months, the Australian dollar has only settled outside of that range on five occasions...it could remain in that range for a long time to come."