The Reserve Bank of Australia (RBA) on Tuesday left its key interest rate steady at a record low of 2.5 percent, as expected, and said the Australian dollar remains “uncomfortably high.”
In a statement following its final monetary policy meeting of the year, the RBA said the economy needs a weaker currency and that its sees below-trend growth continuing in the near term.
The Australian dollar, also known as the Aussie dollar, fell in response to the statement. It last traded at about $0.9084 to the U.S. dollar, down almost 0.25 percent on the day and within sight of last week’s near three-month trough.
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