SYDNEY - The value of the Australian dollar has fallen below 60 US cents for the first time in five years.

As of 9 am Australian Eastern Standard Time on Monday, one AUD was worth 59.9 US cents after falling as low as 59.4 US cents shortly after 8 am, according to Bloomberg data.

It marks the first time since April 2020 that the AUD has fallen below the 60-cent barrier.

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The value of the AUD fell by 4.56 percent in a single day on Friday from 63.29 US cents to 60.40 cents amid the ongoing fallout from the US sweeping new tariffs.

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The Australian Broadcasting Corporation reported that the AUD last consistently traded below 60 cents between mid-2000 and early 2003, during which it fell below 50 cents.

The Commonwealth Bank of Australia, the nation's largest bank, in December forecast that the AUD would fall below 60 cents.