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The Australian share market has closed higher for a fourth day, finishing just under a record closing high set three and a half weeks ago.

The benchmark S&P/ASX200 index finished Friday up 27 points, or 0.38 per cent, to 7,130.2, less than three points under the all-time record close of 7,132.7 set on January 22.

The broader All Ordinaries index added 22.5 points, or 0.31 per cent, to 7,227.1.

The Australian dollar was buying 67.18 US cents, up from 67.16 US cents as the market closed on Thursday.