Australian markets rallied as the Reserve Bank held rates steady but cautioned that inflation is still above the target. The benchmark S&P/ASX 200 rose 1.01 percent to 7,778.10 while the broader All Ordinaries index climbed 0.91 percent to 8,015.80.
The Reserve Bank of Australia decided to leave its benchmark rate at a 12-year high for a fifth straight meeting and underscored that inflation is slowing more slowly than anticipated, leaving the door open for a possible rate hike.
The policy board of the RBA, led by Governor Michele Bullock, retained the cash rate target at 4.35 percent.
The interest rate paid on Exchange Settlement balances was also kept unchanged at 4.25 percent.
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