01/28/2015 02:50 EST | Updated 03/30/2015 05:59 EDT

Loonie drops below 80 cents US

The Canadian dollar has slipped below 80 cents US for the first time in almost six years.

The loonie was trading Wednesday at 79.95 cents US at 2:30 p.m. ET, shortly after the U.S. Federal Reserve reiterated it will be "patient" in raising rates from record lows but worried that inflation remains well below its target rate of two per cent.

At official exchange rates, the dropping value of the loonie means it now costs more than $1.25 to buy a U.S. dollar.

More to come