The Australian dollar plunged nearly 2 per cent on Tuesday after the Reserve Bank of Australia cut interest rates by 25 basis points, to a record low of 1.75 per cent.
Prior to the announcement, the local currency reached intraday highs of US77.10¢. After the rate decision it dropped to below US76¢ and in late local trade was buying US75.69¢.
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Jessica Sier is the North Asia Correspondent for The Australian Financial Review. She is based in Tokyo, Japan. Jessica has previously written on technology, global capital markets and economics. Connect with Jessica on Twitter. Email Jessica at jessica.sier@afr.com
