MARKET WRAP: Rand rallies below R18/$ after interest rate hike
The SA Reserve Bank raised the interest rate by 50 basis points, higher than the market expectation for 25bps
30 March 2023 - 18:55
The rand broke below R18 to the dollar on Thursday, firming to a seven-week best after the SA Reserve Bank’s monetary policy committee (MPC) raised borrowing costs by more than expected.
The Bank raised the interest rate by 50 basis points (bps) — higher than the market expectation for 25bps, bringing the central bank’s benchmark repo rate to 7.75%, the highest since 2009...
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