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RBA Intervenes in Forex Market, Buys Australian Dollars
Monday, 27 October 2008 01:17:17 GMT
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For a second straight trading day the Reserve Bank of Australia intervened in the currency market as the Australian Dollar traded near five-year lows against it’s American counterpart. By purchasing the Australian Dollar, the central bank artificially props up the South Pacific currency in an effort to stave off further declines. Last week saw the currency plummet 9.7% against the greenback and 16% against the Japanese Yen.
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