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Australia's central bank would prefer a lower Australian dollar

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Australia's central bank would prefer to see the local dollar fall from current levels, but recognises that would be hard to engineer when so many other countries are also seeking weaker currencies, a top official said on Thursday.

[SYDNEY] Australia's central bank would prefer to see the local dollar fall from current levels, but recognises that would be hard to engineer when so many other countries are also seeking weaker currencies, a top official said on Thursday.

Reserve Bank of Australia (RBA) Assistant Governor Guy Debelle said practically every central bank in the world was keen to see a falling currency that would boost exports and support domestic economies.

"We would like a lower Australian dollar. But we can't all have depreciating currencies," Mr Debelle said after giving a speech on the forex market.

His comments came after the US dollar fell sharply on Wednesday when the Federal Reserve signalled a slowdown in the pace of likely rate hikes this year.

REUTERS

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