South African Rand Weakens Ahead of SARB Rate Decision
The rand weakened to 17.03 per dollar on Thursday as markets awaited the central bank's rate decision. Analysts expect the repo rate to remain at 6.75 percent.
The South African rand weakened during early trade on Thursday as investors braced for a significant interest rate decision from the national central bank. At 0720 GMT, the USD/ZAR currency pair saw the rand trading at 17.03 against the dollar, representing a 0.4% decline from the previous day's close.
Market expectations are centered on the South African Reserve Bank (SARB) maintaining its current policy. Out of 28 economists surveyed by Reuters, 21 believe the bank will keep its main lending rate steady at 6.75% when the decision is announced at 1300 GMT. However, the outlook is expected to remain hawkish as the bank monitors global risks.
