The rand weakened against hard currencies on Thursday afternoon, after the Reserve Bank unexpectedly cut the repo rate by 25 basis points. After hovering at the R12.96 to the dollar level shortly before the announcement, the rand weakened to R13. At 3.51pm the rand was at R13.0403 to the dollar from Wednesday’s R12.9174‚ at R15.0846 to the euro from R14.8747 and at R16.9128 to the pound from R16.8229. The euro was at $1.1567 from $1.1515. Reserve Bank governor Lesetja Kganyago said inflationary risks persisted despite a concerning economic outlook and low business confidence. Four monetary policy committee (MPC) members supported the cut, while two voted to keep the rate unchanged.
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