Reserve Bank of Australia Forex

The Reserve Bank of Australia (RBA) hasn’t intervened in the forex market to influence the Australian dollar exchange rate since 2001. Although the Reserve Bank sold a net of A$246 million and bought a net of A$245 million from the government in the spot foreign exchange market in November in figures released today reveals. So in November, the Reserve Bank of Australia sold a net of A$1 million (In October, the RBA bout a net of A$8 million). The data was included in the RBA monthly bulletin which reflect foreign exchange transactions against the Australian dollar undertaken by the Reserve Bank with authorized foreign exchange dealers in Australia or banks overseas. In November 2006, the Australian dollar rose from US$0.7460 to US$0.7890 in forex trade supported largely from investors looking for yield after the Reserve Bank raised interest rates by a quarter of a percentage point.