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Australian stocks have given up nearly all of their gains, but are still on track for their best month in decades.

The benchmark S&P/ASX200 index closed Friday up 2.5 points, or 0.04 per cent, at 7,090.5 points while the broader All Ordinaries index was up 4.2 points, or 0.06 per cent, higher at 7,203.2.

The US dollar was buying 68.47 cents, down from 68.59 cents at Thursday’s close.