The Australian dollar is lower after the Reserve Bank appeared not to be inclined to consider raising its interest rate.

At 0635 AEST on Wednesday, the Australian dollar was worth 76.04 US cents, down from 76.17 US cents on Tuesday.

Westpac’s Imre Speizer said markets were quiet overnight because the New York Stock Exchange was closed because of the July 4 US Independence Day public holiday.

“The Australian dollar stabilised, after falling from 0.7680 to 0.7591 in response to a less-hawkish-than-expected RBA statement,” he said.

The RBA kept the cash rate at 1.5 per cent at its monthly board meeting on Tuesday.

AAP

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