The Australian share market has suffered its worst day in over a month, falling alongside overseas indices after a record contraction in the US economy.

The benchmark S&P/ASX200 index closed down 123.3 points, or 2.04 per cent, at 5,927.8 points, while the All Ordinaries index dropped 123.3, or 1.93 per cent, at 6,058.3.

Meanwhile, the Australian dollar nudged above 72.0 US cents this morning for the first time since April 2019.

The Aussie was buying 72.22 US cents at 1620 AEST, up from 71.53 US cents at Thursday’s close.