World Economy

Australia Cuts Interest Rates

Australia Cuts Interest RatesAustralia Cuts Interest Rates

The Reserve Bank of Australia has cut its key interest rate by 25 basis points to an all-time low of 2.25%, BBC reported. The cut was the first in 18 months. In reaction to the move, the benchmark S&P/ASX 200 hit a 7-year high, up 1.3%, while the Australian dollar slumped to a 6-year low of $0.7650.