MARKET WRAP: Rand erases losses as Reserve Bank signals next rates move is higher

The rand ended the day barely changed on Thursday after erasing earlier losses that pushed it to an almost one-week low, following the Reserve Bank’s decision to kept interest rates on hold and signalling that the next move will likely be higher.

After falling as much as 0.8% to R15.5828/$, the currency was at R15.4664/$ by 6.45pm, down less than 0.1% from its level on Wednesday. It found some strength after Bank governor Lesetja Kganyago spoke, indicating that some traders may have bet on a surprise cut that would have reduced the appeal of holding assets denominated in the local currency…