After plunging more than 3 per cent last week, the Australian dollar had a volatile Monday, trading slightly higher in the afternoon, but currency experts see further downside in the coming months.

As domestic economists hurriedly lower their inflation rate forecasts and brace for future interest rate cuts, the currency continues to slide lower on the back of global foreign-exchange headwinds.

It will take more than just rhetoric to tame Aussie bulls. Credit:Glenn Hunt

The dollar pushed lower in early trade, slumping to US73.53¢, though it reached an intraday high of US73.85¢. It had slumped again in the afternoon and was trading around US73.77¢.

"A couple of weeks ago we had the dollar above US78¢ and the speed of the fall has been both rapid and unexpected," said Robert Rennie, chief currency strategist at Westpac.