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Aussie Slides Versus Peers After RBA Says Currency Remains High

The Australian dollar weakened against most of its 16 major peers after the Reserve Bank said the exchange rate remains high following a decision to keep borrowing costs at a record low today.

The Aussie traded 0.4 percent from the lowest in almost a month after RBA Governor Glenn Stevens said that while the currency’s decline to date has helped the economy, it “remains high by historical standards.” It rose earlier after a report showed Australian building approvals increased more than analysts forecast, while continuing tension over Ukraine kept demand for higher-yielding assets limited.