The ASX suffered its worst day in nearly three weeks after the RBA hiked interest rates. -AAP Image
The local share market has tumbled to a two-and-a-half-week low after the Reserve Bank of Australia shocked markets with a larger than expected hike in the cash rate.
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The benchmark S&P/ASX200 index fell 110.6 points, or 1.53 per cent, to 7,095.7, while the All Ordinaries dropped 114.5 points, or 1.54 per cent, to 7,318.6.
The Australian dollar rose immediately after the RBA raised the cash rate by 50 basis points, but within a half hour was back to where it was before the move.
 It was buying 71.76 US cents, from 72.06 US cents at Monday's close.
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