The Reserve Bank of Australia (RBA) said on Wednesday, it would offer $10 billion and join in a global coordinated effort to US dollar funding crisis.

The repo tender will be held on March 26 and the loan on offer will be for 84 days, the RBA said, as cited by Reuters.

Earlier today, the central bank announced that it would buy semi-government bonds worth A$ 2 billion maturing in Jan 2026 to June 2030.

AUD/USD reaction

Having faced rejection just below 0.6000, the AUD/USD pair retraced sharply to near 0.5940 region before attempting a bounce back above 0.5950.

At the press time, the spot trades at 0.5965, up 0.10% on the day. Markets assess the economic impact of the coronavirus outbreak, as most countries announce a state of emergency to curb the virus spread.