The South African rand weakened on Thursday afternoon after the central bank held its key interest rate at 8.25% following 10 consecutive rate hikes since 2021, as expected by a majority of economists polled by Reuters.
At 1323 GMT, the rand traded at 17.915 against the U.S. dollar, around 0.25% weaker than its previous close. At one point it was down as much as 0.53% as the currency reversed gains made earlier in the day.published last week expected 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.
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