India, May 20 -- The Australian dollar weakened against other major currencies in the Asian session on Tuesday, after Australia's central bank lowered its benchmark rate by a quarter-point, as risks to inflation became more balanced.
The policy board of the Reserve Bank of Australia, governed by Michele Bullock, decided to cut the cash rate target to 3.85 percent from 4.10 percent.
Previously, the bank had reduced the rate by 25 basis points in February, which was the first cut since 2020.
In a press conference following the policy announcement, RBA Governor Michele Bullock emphasized the importance of controlling inflation and expressed confidence in the RBA's capacity to do so.
Governor Bullock praised the rate drop as a proactive, co...