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Australia's currency, the Australian dollar, is the country's official currency and is used worldwide. It is valued at approximately US$1.02, making it the world's most widely used currency. The Australian dollar is managed by the Reserve Bank of Australia, which is a part of the Reserve Bank of New Zealand, and is administered by the agency responsible for administering the Reserve Bank, the Australian Prudential Regulation Authority. It is traded on all major global financial markets, including the Forex market, and is actively traded in both the spot and forward markets.