The Australian dollar has dropped below 60 US cents for the first time since the COVID-19 pandemic, marking a significant economic setback.
According to Bloomberg data, the Australian dollar was valued at just 59.91 US cents as of 8:00 am today ( 7th of April ).
The sharp decline is largely attributed to economic sanctions and tariffs imposed by US President Donald Trump, which have impacted multiple countries, including Australia.
Simultaneously, the Australian stock market experienced a dramatic crash at the opening of trade today, with nearly $160 billion in investments wiped out within minutes.
This follows a $57 billion drop in market value last Friday, making it the worst performance in eight months.
The heavy losses are linked to U.S. tariffs that are affecting key Australian industries, including the mining sector.
