Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

South African rand gains as central bank holds rates

09/23/2021 | 11:22am EDT
A South African Rand is seen in this illustration picture

JOHANNESBURG (Reuters) -South Africa's rand gained strongly on Thursday, as the dollar fell on global markets and the central bank held its main interest rate at a record low.

At 1510 GMT, the rand was trading at 14.6700 against the dollar, around 1.1% firmer than its previous close.

Although the South African Reserve Bank's (SARB) decision to keep its repo rate on hold at 3.5% was expected, some traders took the implied rate path in the bank's Quarterly Projection Model as a sign that the scales were tipping towards a future rate hike.

Carmen Nel, economist and macro strategist at Matrix Fund Managers, said in a research note that the Monetary Policy Committee's (MPC) statement was hawkish enough to keep the door open should the SARB need to act soon.

The safe-haven dollar was down 0.5% against a basket of peer currencies, as risk sentiment improved globally. [FRX/]

Johannesburg-listed stocks rose, with the All-share index ending up 1.1% at 64,049 points and the Top-40 index closing up 1.2% at 57,643 points.

The government's benchmark 2030 bond fell, with the yield rising 6 basis points to 9.145%.

(Reporting by Olivia Kumwenda-Mtambo and Alexander Winning; Editing by Nick Macfie)


© Reuters 2021
Latest news "Economy & Forex"
05:33pThe WSJ Dollar Index Rises 0.17% to 88.17 -- Data Talk
DJ
05:33pEuro Lost 0.21% to $1.1627 -- Data Talk
DJ
05:33pSterling Lost 0.22% to $1.3794 -- Data Talk
DJ
05:33pDollar Lost 0.28% to 114.00 Yen -- Data Talk
DJ
05:30pDogecoin Lost 4.47% to $0.244 at 5 p.m. ET -- Data Talk
DJ
05:30pEthereum Lost 0.46% to $4089.19 at 5 p.m. ET -- Data Talk
DJ
05:30pBitcoin Lost 4.95% to $62707.43 at 5 p.m. ET -- Data Talk
DJ
05:28pEU leaders lock horns over response to energy price spike
RE
05:25pWalmart allowing some shoppers to buy bitcoin at Coinstar kiosks
RE
05:23pUtilities Flat On Rotation To Cyclical Sectors -- Utilities Roundup
DJ
Latest news "Economy & Forex"