The Australian dollar has experienced a loss of 2.34% against the US dollar in a single day. This is the largest percentage loss in one day since September of 2011, almost half a decade ago.

At 7am this morning, the Australian dollar was trading for US74.85c, its lowest level in seven weeks. The significant fall is due in part to the RBA decision to cut rates to a new low. The fall was also compounded by the falls in crude oil and iron ore prices.

Analysts predict that the Australian dollar will drop as low as US73.5c in a reversal of previous gains.