Dollar hits fresh six-year low on China woes

THE Australian dollar has hit a fresh six-year low, extending deep losses following a rout in world markets over China’s slowing growth.

THE Australian dollar has hit a fresh six-year low, extending deep losses following a rout in world markets over China’s slowing growth.

At 0630 AEST on Tuesday, the currency was trading at 71.59 US cents, down from 72.36 cents on Monday.

Overnight, the Aussie plummeted to 70.44 US cents, the weakest level since late April 2009, according to Reuters.

Commodity prices also hit new lows and global stock markets plunged, fed by fears of a damaging slowdown in the world’s second-largest economy.

CURRENCY SNAPSHOT AT 0630 AEST ON TUESDAY

One Australian dollar buys:

* 71.59 US cents, from 72.36 cents on Monday

* 84.91 Japanese yen, from 87.55 yen

* 61.70 euro cents, from 63.13 euro cents

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

Source: IRESS