Aust dollar jumps on rate cut

Local currency rallies in the face of a 25 basis rate cut

The Australian dollar rose sharply after the Reserve Bank of Australia cut the cash rate by 25 basis points to a new record low of 2.5%. 

At 1428 AEST on Tuesday, two minutes before the release of the central bank's decision, the local unit was trading at 89.24 US cents, up from 89.09 cents on Monday.

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