The Australian dollar hit two-month low on Monday as worries about the Greek debt crisis prompted investors to withdraw from the market.

The Australian dollar slipped to $1.0431, its lowest point since mid-April. Currency experts are of the view that the Australian dollar will remain in the range of 104 to 110 US cents for the rest of 2011.

Among other major currencies, the Euro shed 0.3 per cent to $1.4141 and the New Zealand dollar slipped nearly 1 per cent to $0.8027.

It is the Greek debt crisis that has been keeping investors away from the market. Greek is in need to secure a bailout from the International Monetary Fund (IMF) and European Union (EU) to avoid a default on massive accrued debt.

This week, Greek Prime Minister George Papandreou will try to get a US$40 billion austerity bill passed from the parliament. But the bill is expected to face widespread protests.

Failure of the bill could force Greek to head for bankruptcy, which will give birth to an upheaval in the Euro zone.

Meanwhile, the Reserve Bank of Australia policy meeting, which is going to take place next week, is widely expected to announce a cut in interest rate.