MARKET WRAP: Rand firms after another interest-rate cut
The Reserve Bank cut the rate by 50bps, but US-China tensions and worries about a second wave of infections is weighing on market sentiment
The rand firmed to its best levels in nearly two months on Thursday after the Reserve Bank delivered its fourth repo rate cut of the year.
The Bank cut interest rates by 50 basis points (bps), a move expected to bring further relief to SA’s battered economy, most of which is still under lockdown. The cut takes the benchmark rate to 3.75%, its lowest level since the repo was introduced in 1998.