Rand recovers a tad after MPC decision

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IOL world currency1 Graphic: Renjith Krishnan.

The rand was off its worst level of the session in late trade after the SA Reserve Bank’s monetary policy committee left interest rates unchanged‚ as expected.

At 3.51pm‚ the rand was bid at R8.9318 to the US dollar from Wednesday’s close of R8.9695. The local currency was bid at R11.5093 to the euro from its previous close of R11.5394 and at R14.2390 against sterling from R14.3186 before. The euro was bid at $1.2889‚ from Wednesday’s close of $1.2860.

“It is a bit of a distorted market given that US markets are closed for a public holiday. It is‚ however‚ interesting to note that the rand failed to break above the R9/US dollar level. The decision on interest rates was pretty expected‚” said a local trader. - I-Net Bridge

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