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$A drops one US cent

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February 21 2013, 06:45AM

The Australian dollar has fallen one US cent, after it was revealed that there are concerns about the US Federal Reserve's stimulus program.

At 0630 AEDT on Thursday, the local unit was trading at 102.61 US cents, down from 103.65 cents on Wednesday.

The currency reached an overnight low of 102.43, its weakest level since Tuesday of last week.

The minutes of the Fed's January policy meeting show that some members were worried that the bond-buying programs could escalate inflation and unsettle financial markets.