Australian dollar drops to over six-year low

Australian DollarCanberra:(IANS) The Australian dollar fell to its lowest level in over six years on Friday, amid growing concerns for the economy.

The All Ordinaries was also down by six points at 5,043, despite being up in midday trade, while the ASX — Australian Stock Exchange — 200 was off six points at 5,022, ABC reported.

On Wednesday, the dollar dipped below 70 US cents for the first time since April 2009.

The drop was triggered after economic growth figures for the second quarter came in below expectations.

According to the Australian Bureau of Statistics (ABS), the figures showed the country’s gross domestic product (GDP) grew by 0.2 percent in the three months to June — the weakest rate of economic growth since the March quarter of 2013.

The ABS said reduced mining and construction activity weighed on growth, along with declining exports.


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