JOHANNESBURG - Yesterday was a mixed bag, the South African currency held out during yesterday’s session but slipped in late trade as the benchmark interest rate was kept unchanged in a unanimous decision according to NKC Research.
The Sarb left the repo rate unchanged at 6.5 percent against a backdrop of an unchanged growth forecast for 2019.
The local unit remains on a fragile footing as Moody’s rating action in November looms while the US Fed delivered a less-dovish-than-expected outlook to curb robust appetite for risk-sensitive currencies.
At the close of local trade, the rand quoted 0.31 percent stronger at R14.67/$, after trading in a range of R14.61/$ - R14.74/$.
The rand recovered some of its earlier losses during Asian trade this morning. Expected range today R14.65/$ - R14.95/$.