[CURRENCY] At 11:30 GMT, the rand traded at R17.75 against the dollar, ahead of the central bank’s main interest rate decision, which most analysts expect to be a hold after 10 consecutive hikes. Moneyweb Currency
The rand was slightly stronger against a weaker dollar in early trade on Thursday, ahead of the central bank’s main interest rate decision, which most analysts expect to be a hold after 10 consecutive hikes. At 0540 GMT, the rand traded at R17.84 against the dollar. The dollar was down about 0.1% against a basket of global currencies. The South African Reserve Bank will announce its main interest rate decision at 1300 GMT.
Twelve out of 21 economists in a Reuters poll published last week expected that the bank would hold its rate at 8.25%, while nine economists predicted a 25 bps hike. Consumer inflation data on Wednesday showed inflation fell to 5.4% year on year in June, down from 6.3% in May and back within the central bank’s target range of 3% to 6% for the first time in over a year. “SA June inflation at 5.4% lower than consensus but on our forecast.
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