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It fell against 15 out of 16 of its major peers ahead of the meeting during which officials will decide whether to change the cash rate from its 4.75 per cent level, reports Bloomberg.
The last time there was an alteration was in November last year, when it was increased by 25 basis points.
Joe Heffernan, a senior economist at St George Bank in Sydney, told the news provider that it is "certainly possible" that there will be a rate cut, adding: "That could potentially weigh on the Aussie dollar."
At 16:36 local time in Sydney, the Australian dollar fell by 1.5 per cent to $1.0536 compared to the exchange rate last Friday.
On that day, sterling rose against the US dollar, making gains of 0.1 per cent to reach $1.6122, Reuters reported.
Posted by Clive Arneil
