Rand flat ahead of Sarb’s rate decision

The 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 R19.00 against the US dollar.

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

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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 was stronger in early deals, with the yield down 2 basis points to 10.585%.

Harry Byrne

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