The central bank also said it would peg its plunging currency at a level of 131 kroner to the euro, or a trade-weighted index of 175, in the inter-bank market.

FORBES: Market Scan

Indeed, the drop in the Australian dollar today is much less alarming than the fall of the mid-1980s, when its trade-weighted index declined 40% in the space of 18 months.

ECONOMIST: Down under

The trade-weighted exchange rate index for the euro dropped from 114 in December 2008 to 96 in August 2012, a fall of 16%.

FORBES: Europe Will Recover As The Euro Falls