The Australian dollar rose against most major currencies today, following the Reserve Bank of Australia's expected decision regarding the interest rate and monetary policy.
The Reserve Bank of Australia decided today to keep the interest rate unchanged at its all-time low of 0.25%.
This came after the RBA cut the rates twice, and started a stimulus program last March, to ease the coronavirus economic impact.
RBA's President Philip Lowe stated that a 0.25%interest is effective against the coronavirus impact, indicating that further cuts will not help the Australian economy.
Lowe also hinted that the RBA might raise the interest rate in the near-term from 0.25%.
AUD/USD rose 1.8% to 0.6199 as of 17:01 GMT, after hitting a high of 0.6209 and a low of 0.6074.