Australian dollar loses ground after RBA rally

THE Australian dollar has backed away from the one-week high it reached after the Reserve Bank decided not to cut the cash rate.

Australian dollar loses ground

THE Australian dollar has backed away from the one-week high it reached after the Reserve Bank decided not to cut the cash rate after its board meeting on Tuesday.

It peaked at 77.12 US cents on Tuesday afternoon after the RBA meeting but started to lose ground in the overnight session because the bank made it clear it was still inclined to cut the rate in the coming months.

At 0630 AEST on Wednesday, the local dollar was trading at 76.30 US cents, down from 76.93 cents on Tuesday.

CURRENCY SNAPSHOT AT 0630 AEST ON WEDNESDAY

One Australian dollar buys:

* 76.30 US cents, from 76.93 cents on Tuesday

* 91.84 Japanese yen, from 91.98 yen

* 70.61 euro cents, from 70.36 euro cents

(*Currency closes taken at 1700 AEST previous local session) Source: IRESS

Originally published as Australian dollar loses ground after RBA rally