The rand firmed to its best level in almost two months after the SA Reserve Bank said two members of the monetary policy committee (MPC) opted for a smaller cut than was delivered — a signal that the easing cycle might be coming to an end.

SA’s currency has now regained its losses since late March and was 1.85% stronger at R17.5734/$, by 4pm on Thursday. It was 1.84% firmer at R19.2951/€ and had gained 1.87% to R21.4936/£. Immediately before the announcement, the rand had been 0.5% firmer to the dollar.

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