The rand initially firmed about 5c against the dollar on Thursday afternoon after Reserve Bank governor Lesetja Kganyago announced the repo rate would remain unchanged at 3.5%, but ultimately lost these gains.
The local currency was 0.47% weaker at R16.347/$ shortly before Kganyago began speaking on Thursday afternoon. Following his announcement, the local currency pared its losses, trading 0.13% weaker at R16.292/$ at 3.10pm.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.
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