The Australian dollar bounced back on Monday after plunging nearly 2 per cent because oil producers failed to reach agreement on output caps at a crucial meting in Doha. 
In late-afternoon trade, the Aussie was buying US76.65Â¢, back from an overnight low of US75.93Â¢, logged after it became clear that a production deal between members and non-members of the Organisation of Petroleum Exporting Countries remained elusive. Its late-afternoon level compares with US76.97Â¢ at the same time on Friday.
The local unit had been trading as high as US77.34Â¢ before the Doha meeting, partly on hopes of a deal. Improved sentiment on oil has buoyed most commodity currencies in recent weeks, and has also lifted equity markets.
The Australian share market opened down nearly 0.5 per cent on Monday and ended the day down 0.4 per cent. Energy groups were the hardest hit.
The Canadian dollar, another high-profile commodity currency, was also undermined by the failure in Doha. It tumbled more than 1 per cent on the news.
The currency of Norway, another oil and gas exporter, also took a heavy fall.