Added over 8 years ago

RBA leaves interest rates on hold

The Reserve Bank of Australia has left interest rates on hold at their monthly meeting today, sparing borrowers from a jump in repayments for another month at least.

The central bank indicated that the strength of the Australian dollar - if sustained - would start to drag on the economy. These comments helped to nudge the dollar lower on international markets as investors pared back their views that another interest rate rise is imminent.

Today's verdict leaves the RBA's official cash rate at 4.75 per cent, the level reached when the bank last raised rates on November 2 last year.

While the RBA's decision matched expectations by the overwhelming majority of analysts and investors, the commentary about the strength of the dollar prompted some selling of the currency, sending it briefly below the 109 US-cent mark from 109.2 US cents just prior to the announcement.

RBA Governor Glenn Stevens indicated that the stronger Australian dollar is helping to keep a lid on prices. The currency has rocketed against the greenback, rising about 6 per cent in the past month alone

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