Postmenopausal bleeding can originate in different parts of the reproductive system.
Bleeding from the vagina may occur because when estrogen secretion
stops, the vagina dries out and can diminish (atrophy). This is the
most common cause of bleeding from the lower reproductive tract.Lesions and cracks on the vulva may also bleed. Sometimes bleeding occurs after intercourse. Bleeding can occur with or without an associated infection.
From : Postmenopausal Bleeding : Causes & Symptoms And Hormone Replacement Therapy