The Australian Dollar has hit a 3 ½ year low, falling to the US dollar at 86.97¢. This is the lowest the AU dollar has been since July 2010. But according to RBA board member Heather Ridout, the currency has yet to reach alarming levels.
Influenced by the recent slow growth of the Chinese economy, there is a broad range of currencies on the losing end. In Australia, traders are concerned that because of these events, investors are expecting a further decline of the currency which might lead to tight monetary conditions and financial stress to the country.
To read more about this and the other currencies that are affected, head to the Age website.
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