Rand at two-month high as two MPC members vote for a smaller rate cut
The 50 basis point cut was in line with the median forecast among 20 economists polled by Bloomberg
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.