At 07:00 (AEST), the Australian dollar was buying 71.64 U.S. cents, up from 70.52 U.S. cents on Tuesday.
Shortly after the news of the rate cut, released 2:30 p.m. local time on Tuesday, the Aussie dollar began a slow ascent back firmly above 71 U.S. cents.
Reserve Bank of Australia Governor Philip Lowe, said that while the national economy was showing signs of recovery, the road to pre-pandemic output levels would take time.
At 09:30 (AEST), the local unit was buying 71.59 U.S. cents.
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