Australian dollar falls to 17 year low

The tide of global foreign exchange markets has turned against the Australian dollar again with the local currency falling to a record low. The new low-water mark has been reached in the New York tradingsession on 21 November. The dollar dropped to 50.85 US cents, a level never before seen inits 17 year history as a free-floating currency. The latest move down is rumoured on markets to have prompted the intervention of the Reserve Bank of Australia.