Rand slightly weaker after Reserve Bank’s ‘no-change’ announcement
The local currency gained about 5c shortly after the Bank announced that interest rates would remain as is, but then lost its gains
BL PREMIUM
17 September 2020 – 15:54
The rand initially firmed about 5c against the dollar on Thursday afternoon after Reserve Bank governor Lesetja Kganyago announced the repo rate would remain unchanged at 3.5%, but ultimately lost these gains.
The local currency was 0.47% weaker at R16.347/$ shortly before Kganyago began speaking on Thursday afternoon. Following his announcement, the local currency pared its losses, trading 0.13% weaker at R16.292/$ at 3.10pm.
Source: businesslive.co.za
