The Australian dollar dipped to its lowest value in roughly two weeks against the world's reserve currency on Tuesday after the central bank of the South Pacific nation noted it intends to preserve the record-low rates of borrowing costs, according to Bloomberg.
The Aussie sank against all but one of its top 16 rival monetary units after Reserve Bank of Australia minutes from the early May policy meeting noted the body believes inflation is within its grasp and the country's economy is adjusting. Policy makers opted to leave interest rates at 2.5 percent during the May 6 meeting.
"The board noted that overall growth in coming quarters was likely to be below trend given expected slower growth in exports, the decline in mining investment and the planned fiscal consolidation," the minutes state, according to Bloomberg. "The current accommodative stance of policy was likely to be appropriate for some time yet."
The Aussie fell roughly 0.7 percent against the U.S. dollar on Tuesday.
The Aussie tracked the downward dip of iron ore, according to Reuters. The metal is the country's top export.
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