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Aussie dollar posts brief rebound after interest rate cut

Xinhua News,SYDNEY
2020-03-20 08:57

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The Australian dollar sank against the greenback on Friday, however briefly climbed above 59 U.S. cents after the Reserve Bank of Australia (RBA) officially cut the interest rate to 0.25 percent.

At 7:00 (AEST), the Australian dollar was buying 57.67 U.S. cents, down from 57.98 U.S. cents on Thursday.

In an emergency meeting on Thursday the RBA announced an extensive monetary package to help the economy cope with COVID-19.

In the lead-up to the meeting, which came after lunchtime, the Aussie dollar was at its lowest levels since 2002, but following the announcement rebounded over 3 U.S. cents, before easing again.

At 8:00 (AEST), the local unit was buying 57.44 U.S. cents.
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