Oil and Rate Fears Hammer ASX 200

The Australian dollar plummeted from its highest level in 15 weeks and the ASX 200 took a hit due to concerns over rising oil prices and interest rate hikes.

Fears of higher interest rates, led by US Federal Reserve chair Kevin Warsh's comments that more work needs to be done to combat inflation, weighed on global share markets.

The benchmark ASX 200 fell 16.30 points, or 0.18 per cent, to 9076, while the broader All Ordinaries dropped 22.90 points or 0.25 per cent to 9271.40.

Mining giants BHP and Rio Tinto led the falls in mining stocks, down 1.59 per cent and 1.81 per cent respectively, while tech stocks Xero and WiseTech Global slid 3.23 per cent and 0.57 per cent.