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Oct 7, 2008, 23:38 GMT

Australian stocks open sharply lower

Sydney - Australian stocks tumbled 3.5 per cent on the opening bell Wednesday in the wake of a further steep fall on Wall Street. In early trading the ASX 200 dropped 166 points, or 3.5 per cent, to 4,452. The Australian dollar fell again in early trade, dropping 2 US cents to 70 US cents as the flight out of commodities-linked currencies continues. The Aussie dollar was sold off along with the South African rand, the Canadian dollar and the New Zealand dollar.

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