Australia’s dollar held above a six-year low as traders waited for comments from Reserve Bank Governor Glenn Stevens on the exchange rate in Tuesday’s policy-meeting statement.

The Aussie traded within a cent of the 70.50 U.S. cents it reached last week for the first time since April 2009. In the statement following last month’s meeting, Stevens refrained from indicating the currency was overvalued for the first time in more than a year as policy makers held the benchmark interest rate at a record-low 2 percent. Australia’s dollar dropped the most since May last week amid a stock rout in China.

Australia’s dollar was little changed at 71.09 U.S. cents as of 9 a.m. in Tokyo from Monday, when it fell for the first time in three days. A 2 percent slump last week was the worst since the period ended May 29.

Source : Bloomberg