MARKET WRAP: Rand erases losses as Reserve Bank signals next rates move is higher
The Bank’s monetary policy committee holds repo rate at 3.5% and raises GDP outlook slightly
19 November 2020 - 19:33
The rand ended the day barely changed on Thursday after erasing earlier losses that pushed it to an almost one-week low, following the Reserve Bank’s decision to kept interest rates on hold and signalling that the next move will likely be higher.
After falling as much as 0.8% to R15.5828/$, the currency was at R15.4664/$ by 6.45pm, down less than 0.1% from its level on Wednesday. It found some strength after Bank governor Lesetja Kganyago spoke, indicating that some traders may have bet on a surprise cut that would have reduced the appeal of holding assets denominated in the local currency...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.