South African Rand Falls After Rate Hike
The South African rand declined on Wednesday after the central bank raised its key interest rate to 7.25 percent to combat rising inflation. Headline inflation edged higher in August, while the Johannesburg Stock Exchange closed lower.
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The South African rand fell 1.3% against the USD/ZAR during Wednesday afternoon trading. The currency decline followed a central bank rate hike aimed at steering inflation toward target levels.
