The South African rand made a marginal recovery early on Friday from a new record low struck overnight, after a central bank interest rate hike failed to impress some traders and economists.
At 0605 GMT, the rand traded at 19.7725 against the dollar , over 0.1% stronger than its previous closing level.
On Thursday the rand closed down more than 2.7% against the dollar, as some traders had bet on a larger 75 basis point rate hike thanon Thursday were comments in the monetary policy statement that the SARB expected further currency weakness ahead. The central bank has raised interest rates 10 consecutive times since November 2021. The latest hike takes its interest rate to a 14-year high, an effort to bring inflation back within its 3%-6% target band from 6.8% in April.
The rand struck a new all-time low of 19.8175 in the early hours of Friday morning. It is down about 1.6% against the dollar since the end of last week. South Africa's benchmark 2030 government bond was little changed in early deals, the yield down 0.5 basis points to 11.160%.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
USD/ZAR Price Analysis: South African Rand eases from record high within longer-term bullish channelUSD/ZAR Price Analysis: South African Rand eases from record high within longer-term bullish channel USDZAR Technical Analysis ChartPatterns SwingTrading SupportResistance
Read more »
Dada Masilo fuses ballet and African danceDada Masilo, the South African choreographer-dancer of classical Western European ballets have captivated the international dance world, is returning to New York’s Joyce Theatre with one of her own works, “The Sacrifice,” from May 23–28.
Read more »
As South Carolina governor signs new law, abortion restrictions strain providers in US SouthA wave of newly approved abortion restrictions in the Southeastern United States has sent providers scrambling to reconfigure their services for a region with already severely limited access. Stiff limitations enacted in South Carolina and pending in North Carolina and Florida — states that had been holdouts providing wider access to the procedure — are threatening to further delay abortions as appointments pile up and doctors work to understand the latest constraints. “There’s really going to be no way for the whole abortion-providing ecosystem to manage it all,' said Jenny Black, the president of Planned Parenthood South Atlantic.
Read more »
As South Carolina governor signs new law, abortion restrictions strain providers in U.S. SouthA wave of newly approved abortion restrictions in the Southeastern United States has sent providers scrambling to reconfigure their services for a region with already severely limited access.
Read more »
Romeoville police officer shot, suspect charged after hours-long manhuntSome residents in the south suburbs were put under lockdown Thursday, during an hours-long manhunt.
Read more »
South Carolina governor signs bill restricting abortion access into lawThe act prohibits abortions after a fetal heartbeat has been detected, with exceptions for the life or health of the mother, medical emergencies, fatal fetal anomalies, and, up to twelve weeks of pregnancy, in cases of rape or incest.
Read more »