The Australian dollar surged to a 14-month high against the US dollar on Tuesday after the Reserve Bank of Australia became the first leading central bank to raise interest rates in the current cycle.
Late in New York, the Aussie climbed 1.4 per cent to $0.8902 against its US counterpart, its strongest level since early August 2008, after the RBA raised borrowing costs by 25 basis points to 3.25 per cent.
