The rand weakened past the psychologically important R14.50/$ level on Thursday afternoon, falling slightly after the Reserve Bank indicated it may cut interest rates by the end of the first quarter of 2020.
The rand pushed to R14.5187/$ following Kganyago's comments, but by 3.30pm it was 0.83% weaker at R14.4951/$. The currency was 0.5% weaker at R16.1101/€ and 0.56% down at R18.3039/£. “The rand has benefited from improved sentiment towards riskier assets but will continue to be affected by idiosyncratic factors, such as domestic growth prospects and policy settings,” Kganyago said.
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