Australian dollar hits 11-month low versus US dollar

Published May 13, 2013 Updated May 13, 2013 09:55am

1 min

By Shoaib Ur Rehman

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LONDON: The Australian dollar fell to an 11-month low against the US dollar, pressured by expectations of more interest rate cuts in Australia while signs of an improving US economy lifted the US currency.

The Australian dollar lost 0.6 percent on the day to hit $0.9954, its lowest since June 2012. It broke below a low of $0.9961 hit on Friday when it dropped below parity.

Traders reported bids around $0.9930-40 which may limit its fall.

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