Investing.com - The Reserve Bank of Australia held its benchmark interest rate steady at 3.25% in November, citing rising domestic inflation and an improving global economy, it announced on Tuesday.
In a statement, the RBA said it was maintaining its benchmark interest rate at 3.25%, confounding expectations for a cut to 3.0%. The central bank unexpectedly cut its benchmark interest rate by 0.25% in October.
In its accompanying rate statement, RBA Governor Glenn Stevens said, “With prices data slightly higher than expected and recent information on the world economy slightly more positive, the board judged that the stance of monetary policy was appropriate for the time being.”
Following the decision, the Australian dollar was higher against its U.S. counterpart, with AUD/USD adding 0.52% to trade at 1.0419.
Meanwhile, Asian stock markets were mixed, with Australia’s ASX/200 Index gaining 0.25%, Japan’s Nikkei 225 Index shedding 0.35%, while Hong Kong's Hang Seng Index declined 0.25%.
In a statement, the RBA said it was maintaining its benchmark interest rate at 3.25%, confounding expectations for a cut to 3.0%. The central bank unexpectedly cut its benchmark interest rate by 0.25% in October.
In its accompanying rate statement, RBA Governor Glenn Stevens said, “With prices data slightly higher than expected and recent information on the world economy slightly more positive, the board judged that the stance of monetary policy was appropriate for the time being.”
Following the decision, the Australian dollar was higher against its U.S. counterpart, with AUD/USD adding 0.52% to trade at 1.0419.
Meanwhile, Asian stock markets were mixed, with Australia’s ASX/200 Index gaining 0.25%, Japan’s Nikkei 225 Index shedding 0.35%, while Hong Kong's Hang Seng Index declined 0.25%.