The Australian dollar has fallen to its lowest level since January.
The slump comes after the US Federal Reserve indicated it had no plans to further stimulate the American economy, and after the head of the IMF implored US politicians to inject more funds to guard against possible financial crisis in Europe.
At 10.16am AEST, the local dollar was trading at $US1.0294, having fallen from an opening price of $1.0331. The news will give relief to Australian businesses negatively affected by the strong dollar.
The AUD was trading at $US1.0305 at 11.50am.