RBA Holds Rates Steady, Aussie Dollar Suffers

The Australian dollar weakened against other major currencies in the Asian session on Tuesday, following a decision by the Reserve Bank of Australia (RBA) to hold its benchmark interest rate unchanged.

The RBA's policy board, led by Michele Bullock, unanimously decided to maintain the cash rate target at 4.35 percent, aligning with market expectations.

This move comes after three consecutive interest rate hikes in February, March, and May, where the bank increased the policy rate by 25 basis points each time.