(CNBC) The Reserve Bank of Australia on Tuesday again defied market expectations and raised its benchmark rate by 25 basis points to 4.1%. Economists polled by Reuters were widely expecting the central bank to hold its rates steady. The Australian dollar rose by 0.73% to 0.6667 against the U.S. dollar shortly after the decision as the central bank grapples with the latest inflation rate of 7% for March quarter. Australian stocks fell further, and the S&P/ASX 200 last traded 1.14% lower.
Australia’s central bank hikes rates by 25 basis points, defies expectations
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