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 slides as central bank holds rates; stocks march on

07/22/2021 | 01:09pm EDT
A street trader counts out change for a customer in Durban

JOHANNESBURG (Reuters) -South Africa's rand slid on Thursday as the central bank held interest rates and suggested monetary policy was likely to stay accommodative for a long time, and jobless claims data in the United States deterred risk-taking.

At 1650 GMT, the rand traded at 14.7350 against the dollar, around 1.3% weaker than its previous close of 14.5400.

The South African Reserve Bank's decision to keep the repo rate at 3.5% was in line with a Reuters poll published last week and the sixth time the bank had held rates in a row.

That marks a divergence from some other emerging market central banks which have started to raise rates in response to higher inflation.

The SARB said projections in its models "reflect a highly accommodative policy stance through the end of 2022, keeping financial conditions supportive of credit demand as the economy recovers from the pandemic".

The Johannesburg Stock Exchange (JSE) continued its forward march for the third consecutive day on Thursday as many investors brushed aside concerns over arson and looting last week that claimed over 300 lives.

"Investors are realising the economic impact of last week's disruption is not that bad on big listed groups," said David Shapiro, a strategist at Sasfin Securities.

A weaker local currency and strong production updates from commodity companies also helped push the market higher, he said, adding that low volumes on the JSE showed foreign participation was lacking for now.

The blue-chip index of top-40 companies closed up 1.33% at 61,309 points, and the broader All-share index ended up 1.27% at 67,404 points.

(Reporting by Alexander Winning and Promit Mukherjee, Editing by Angus MacSwan)


ę Reuters 2021
Latest news "Economy & Forex"
05:55pRefinitiv agrees to pay a civil penalty of $650,000 for failing to report certain swap data -CFTC
RE
05:54pU.S. environment agency urged by 21 states to toughen vehicle emissions rewrite
RE
05:49pFED WILL ALLOW LABOR MARKETS TO 'RUN THEIR COURSE' : Bostic
RE
05:39pChile cenbank to decide on roll-out of digital currency in 2022
RE
05:34pDogecoin Lost 3.36% to $0.201 at 5 p.m. ET -- Data Talk
DJ
05:34pEthereum Lost 3.67% to $2974.94 at 5 p.m. ET -- Data Talk
DJ
05:34pThe WSJ Dollar Index Rises 0.08% to 87.97 -- Data Talk
DJ
05:34pBitcoin Lost 2.09% to $42695.70 at 5 p.m. ET -- Data Talk
DJ
05:34pEuro Lost 0.21% to $1.1696 -- Data Talk
DJ
05:34pSterling Gains 0.17% to $1.3699 -- Data Talk
DJ
Latest news "Economy & Forex"