SYDNEY, AAP – Australian shares have had their best week in the past four after central banks made only gradual moves to remove pandemic stimulus from economies.

Most ASX share categories closed higher on Friday and telecommunications and consumer staples were the best performers.

The benchmark S&P/ASX200 index closed higher by 28.9 points, or 0.39 per cent, to 7456.9.

The All Ordinaries closed up 30.9 points, or 0.4 per cent, to 7777.2.

For the week, shares rose 1.82 per cent.

The US Federal Reserve started easing its monthly bond purchases but did not spook investors.

Earlier in the week, the Reserve Bank scrapped yield curve control but barely budged on its 2024 rate rise forecast.

The Australian dollar was buying 74.41 US cents at 1622 AEDT, lower from 74.42 cents at Thursday’s close.