The rand recovered back under R13.70/$ on Friday morning from Thurday’s R13.83/$ after Reserve Bank governor Lesetja Kganyago indicated interest rates will be level for some time.
The rand was trading at R13.75/$, R15.67/€ and R17.82/£ at 9.55am. “All things considered, the rand is performing reasonably well if one considers the significant change in inflation expectations and the Reserve Bank’s quarterly projection model in just six weeks,” Mercato analyst Nico du Plessis said in an e-mailed report. Nedbank’s economic team called November’s interest rate increase “unfortunate”, saying all the reasons given on Thursday for not increasing interest rates were already evident three months ago...
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