THE Australian dollar has regained some ground after dropping below 91 US cents for the first time in almost three years.
At 6.30am AEST, the local unit was trading at 90.75 US cents, up from 90.62 cents at yesterday’s local close.
In overnight trade it dropped as low as 90.37 US cents, its weakest point since September 2010.
The currency fell through 91 US cents yesterday afternoon after Reserve Bank of Australia governor Glenn Stevens said the decision to leave the cash rate unchanged on Tuesday took “a very long time''.
The comment raised hopes that the RBA might cut the cash rate at its August meeting.
Source:
http://www.theaustralian.com.au/business/markets/dollar-makes-small-recovery-after-falling-to-us9037c-on-rba-rates-hint/story-e6frg94o-1226674068139
