Rand weakens as focus shifts to repo rate decision

The rand was weaker on Thursday, coming off five-week highs amid US-China trade war concerns, with local attention on the SA Reserve Bank interest-rate decision later in the day. 

The Bank is expected to announce an additional rate cut after cutting by 225 basis points (bps) so far this year. The median forecast among economists polled by Bloomberg is for the Bank to cut the repo rate by 50bps to 3.75% to ease the effects of Covid-19 on the local economy. 

Source: businesslive.co.za