Currency exchange dip for AUS dollar

The Australian dollar has seen a dip in its currency exchange rates following the results of the country's general election.

Held over the weekend, the poll failed to identify any majority party and has left Australia with a hung parliament, Wall Street Journal reported.

It will be the first hung parliament in 70 years and the dollar has suffered as a result.

While the stock markets have been kept afloat due to strong mining shares, uncertainty weighed on the dollar as the country waits for some clarity on who will be the next prime minister.

Mike Jones, currency strategist at the Bank of New Zealand, told the AAP: "It looks to remain pretty heavy into the first part of this week as the uncertainty descends into the Australian political situation."

However, he added that "from a bargain hunting perspective" some people still found the dollar "reasonable attractive".

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Posted by Eleanor Ward