Nov. 1 (Bloomberg) -- The Australian dollar dropped against its U.S. counterpart after the Reserve Bank of Australia cut its benchmark interest rate.
The currency traded at $1.0497 at 2.34 p.m. in Sydney from $1.0530 yesterday in New York and $1.0527 before the decision.
The yield on 10-year government bonds fell nine basis points, or 0.09 percentage point, from yesterday’s close to 4.42 percent.
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