India, Feb. 3 -- The Australian dollar strengthened against other major currencies in the Asian session on Tuesday, after the Reserve Bank of Australia raised its benchmark rate for the first time since November 2023 as inflation picked up materially.
The policy board governed by Michele Bullock decided to lift the cash rate target by 25 basis points to 3.85 percent.
"The Board judged that inflation is likely to remain above target for some time and it was appropriate to increase the cash rate target," the bank said in a statement.
Policymakers said they are focused on its mandate to deliver price stability and full employment and will do what it considers necessary to achieve that outcome.
The board observed that inflationary pressures...