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Australian stocks have experienced a dramatic turnaround, rebounding from huge losses early in the session amid hopes the Reserve Bank will cut rates on Tuesday.

After being down as much as 196 points, or 3.0 per cent, the S&P/ASX200 index finished Monday down just 49.7 points, or 0.77 per cent, to 6,391.5.

The broader All Ordinaries index finished down 50.4 points, or 0.77 per cent, to 6,461.1.

The Australian dollar was buying 65.18 US cents, down from 65.22 US cents on Friday.