The Australian dollar is more than half a US cent higher ahead of the Reserve Bank of Australia's March interest rate decision.
At 6.30am AEDT, the currency was trading at 101.81 US cents, up from 101.25 US cents on Monday afternoon.
The Australian dollar dropped to an eight-month low of 101.16 US cents yesterday following sharp falls on local sharemarkets, led by concerns about a possible slowdown in Chinese economic growth.
But it drifted higher overnight, ahead of the RBA's March board meeting.
The RBA is widely expected to keep the cash rate on hold at 3.0 per cent at its meeting today.
Source:
http://www.theaustralian.com.au/business/markets/dollar-up-ahead-of-rba-rates-call/story-e6frg916-1226590401416
