The Australian dollar is getting bashed lower against the USD after RBA Governor Glenn Stevens said it was more than a few cents overvalued.
The AUD was down almost three-quarters of one per cent against the US currency at $0.9377.
Stevens also signalled that low interest rates are here for some time to come because much of the benefit still has to work its way through the system.
He said: “Lest there be any uncertainty about this, let me be clear, again, that the exchange rate remains high by historical standards.”
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.