Rand strengthens ahead of rate decision

The rand strengthened in early trade on Thursday ahead of an interest rate decision by the central bank.

At 0733 GMT, the rand traded at R18.82 against the dollar.

At around 1300 GMT, the South African Reserve Bank (Sarb) will announce its interest rate decision and provide clues on the trajectory of future rates.

Most analysts polled by Reuters expect the Sarb to keep the main rate unchanged at 8.25%.

On the stock market, the Top 40  index was last down 1.8% while the broader all-share index was 1.7% weaker.

South Africa’s benchmark 2030 government bond was weaker in early deals, with the yield up 3.5 basis points to 10.490%.