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Australian dollar rises to 23-yr peak vs US dollar

Wed Oct 31, 2007 2:49pm EDT

NEW YORK, Oct 31 (Reuters) - The Australian dollar rose to a 23-year high against the U.S. dollar on Wednesday after a Federal Reserve interest rate cut encouraged investors to buy higher-yielding currencies.

The Australian dollar AUD= jumped to US$0.9328, the highest since 1984, according to Reuters data. The currency has gained 18 percent so far versus the greenback since the beginning of the year.

The Fed on Wednesday cut the fed funds rate by a quarter percentage point to 4.50 percent, as expected.



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