The Australian dollar dipped in value on Tuesday against each of its 16 major rivals after the Reserve Bank of Australia released minutes noting the monetary unit's rise was proving to be detrimental to the nation's drive toward balancing growth, according to Bloomberg.
The Aussie slumped from notching its highest level in about five months against the world's reserve currency after the central bank from the April 1 policy meeting indicated the path forward that will be most beneficial is to preserve interest rates at their low level. They left borrowing costs at 2.5 percent during the policy meeting early this month, which is an all-time low level.
"The exchange rate remained high by historical standards," the central bank minutes state, according to Bloomberg. "Despite commodity prices falling further over the past month, the exchange rate had appreciated a little further."
The Aussie has fallen about 0.5 percent against the U.S. dollar since notating its highest level since the beginning of November toward the end of last week.
China, a top trade partner to the South Pacific nation, was preparing to release additional economic data, which The Australian reports is likely to impact the performance of the Aussie on Tuesday.
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