South African rand flat ahead of central bank’s rate decision

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South African rand flat ahead of central bank’s rate decision

11:55 CAT | 27 Mar 2024

File photo: Reuters

South Africa’s rand was little changed in early trade on Wednesday, ahead of the central bank’s decision on its interest rate, which is widely expected to be kept steady.

At 0606 GMT, the rand traded at 19.0000 against the U.S. dollar ZAR=D3, not far from its previous close of 18.9950.

The dollar =USD was last trading up about 0.06% against a basket of global currencies.

The South African Reserve Bank (SARB) will announce its interest rate decision at around 1300 GMT.

All 23 economists polled by Reuters forecast that the bank will keep its repo rate steady at 8.25%.

South Africa’s consumer inflation ticked up for the second month in a row in February, moving closer to the SARB’s upper target, which economists say could mean a longer wait for rate cuts this year.

South Africa’s benchmark 2030 government bond ZAR2030= was stronger in early deals, with the yield down 2 basis points to 10.585%.

Source: Reuters