Aussie dollar tumbles to 18-year low amid panic selling

The Australian and New Zealand dollars have tumbled to multi-year lows as panic selling swept global markets and stressed investors dumped any liquid asset to raise cash.

The Aussie dollar collapsed 3.5 per cent to $US0.5569 on Thursday and briefly fell as far as $US0.5510, the lowest since late 2002.

It had already dived 3.9 per cent on Wednesday in the largest daily decline in a decade, bringing losses suffered for the week so far to a sickening 9.8 per cent.

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Such was the pace of decline that dealers suspected the Reserve Bank of Australia (RBA) might even step in at some point to provide liquidity and restore some order to the market, much as it did during the global financial crisis.

The Kiwi dropped 3.4 per cent to $US0.5543 and was quoted as low as $US0.5472, bringing losses for the week to 8.5 per cent.

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