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RBA spends3bln in defence of Aussie dollar

20 Nov 2008 5:11 PM

The Reserve Bank's spent a whopping 3.15 billion dollars propping up theAustralian dollar .. when it plunged towards 60 US cents in another sign of its concern about the state of the economy.

Data released today show the action taken in October was the central bank'slargest intervention in the currency market since records were started in 1995.

It was much bigger than when the Australian dollar collapsed below 50 US cents in 2001.

The scale of the central bank's action emerged as both sides of politics appeared to agree on something for once .. that the budget doesn't need to gointo deficit to cope with the global financial crisis.

AAP RTV cbkmsittnfrtwz =0A