Rand At 4-day High Against Dollar As S. African Central Bank Holds Rate At 7%
September 22 2009 - 5:39AM
RTTF2
The South African rand rallied after the nation's Reserve Bank
decided to maintain its key interest rate at 7% per annum.
Bouncing back from yesterday's 10-day low, the rand rose 2.7
percent to a 4-day high of 7.37 against the greenback by 10:20 am
ET Tuesday. The dollar-rand pair was worth 7.474 at Monday's
close.
The decision to retain the base rate was in line with
expectations. Policymakers assessed that risks to the inflation
outlook appear to be fairly evenly balanced. "Given the current
policy stance, inflation is expected to continue moderating and
return to within the inflation target range during the forecast
period."
As of 10:35 am ET, the greenback-rand pair was quoted at 7.39.
On the upside, the domestic currency may find target around the
7.362 level.
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